They cannot legally remove accurate negative information from a credit report and any legitimate help they can offer can be pursued by consumers themselves, at little or no cost. The lenders appeal to consumers who, based on their credit history, can't get a loan. The scammers falsely promise that for an advance payment, even consumers with bad credit histories can get a loan. Some of these lenders make money through the 900 numbers that charge consumers who call to find out about the loans. Others simply charge consumers a fee for a loan that is never delivered.
Unscrupulous lenders target consumers who have good credit, but have a bad cash flow.
They offer credit based not on income or the ability to repay, but on the equity of the home. If you don't have enough income to make the monthly payments, you will probably lose your home, as many consumers do through these schemes. This crime occurs when con artists steal credit card numbers, social security numbers, mother's maiden names, or other personally-identifying information without one's knowledge, to tap into the good credit histories of consumers. They then set up new credit accounts, charge purchases to existing accounts, or drain bank accounts. Frequently, consumers don't know that their credit identities have been stolen until they get bills for credit card accounts that they never opened, see charges on their bills that they didn't know anything about, or discover that their bank accounts have been fraudulently accessed.