Avoiding Credit Traps

Over the past few years, you've probably heard many horror stories of people who have been taken advantage of by various credit traps. You receive these offers every day - offers of credit, vacation sweepstakes, equity loans, telephone solicitations, and Internet junk mail.

It's important to recognize and avoid credit pitfalls and traps that can severely damage your credit, and in some cases, may cause extreme financial hardship.

The links below will help create awareness:

Predatory Lending - Abusive lending practices.
Check Cashing Traps - Problems with the check cashing industry
Business Scams - Rent-to-own businesses and Instant tax refund companies
Telephone & Internet Scams - Telephone and internet solicitation scams
Home Repair Scams - Contractors, housing code standards, and building concerns
Home Equity Scams - E
xercise caution when taking out a home equity loan or line of credit.

 

 

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By visiting Allie Mae you have taken your first step toward becoming an educated borrower. Allie Mae is an objective, independent source of information for the mortgage consumer. Whether you are buying a home, refinancing, taking a home equity loan, building a home or in need of a mortgage for any purpose, Allie Mae is here to help. Allie Mae has helped thousands of people with their mortgage needs. We have a complete selection of articles, charts, calculators, and checklists designed to help you through the mortgage and home buying process.

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