We’ve all seen the email scams: “This is a genuie request.” “Your lendar has detected an unpaid sum.” “I’m a prince and I need your help.” Digital fraud has become highly sophisticated and, according to reports by the U.S. Federal Bureau of Investigation, has risen by more than 100% since the COVID pandemic began.
These scams come in all different forms — some posing as bank representatives or as being affiliated with government housing assistance programs. While scammers tend to target vulnerable consumers such as elderly populations, no one is immune. Here are common types of scams that prospective and current homeowners should be aware of, and how you can protect yourself:
Scams to watch out for before a home purchase
Future homebuyers looking to bolster their credit history ahead of a mortgage loan application may look for quick fixes to get the best deal. But predatory credit repair businesses are on the rise and can swindle you out of money that could go toward a down payment.
Some credit repair companies lure consumers to purchase their services by falsely claiming they can remove negative information from consumers’ credit reports even if that information is accurate. These scammers often charge consumers a large up-front fee but then fail to help them settle or lower their debts — if they provide any service at all.
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