Scam alert: Lender database offers for people with bad credit

Earlier today, we received a question from Deborah about purchasing a list of lenders that accept borrowers with bad credit:

I was wondering if you had a list of companies that offer unsecured personal loans for consumers whose credit is not that great. Also a list of unsecured credit cards for consumers with not so great credit.

These types of "lender databases" are a common consumer rip-off. Preying on people with bad credit who have a hard time obtaining loans, these companies sell access to lender databases for $25 or more. Here is an example of one such company. In most cases these lists are out of date or inaccurate. In other cases, your money disappears and you never receive the list. The FTC lists this scam as the #10 type of email fraud.

Instead of paying for a list of lenders, search online for loans and credit card options or ask friends for references. If you are not sure of a company's acceptance policies, call their customer service team to ask before you apply. Be sure to investigate a company's record with the BBB and the terms of the deal before you sign up.

Comments

[John]

I provide my clients with CPNs verified through Safe Scan. I need a connection with someone who can verify my numbers through a Fraud Database

[Instant Payday Loans]

Great! I just wonder if you can recommend some blogs or forums about credits or loans. By the way, nice article.

[tom smish]

Thanks for the tips and great info. Very appreciative. Its posts and blogs like these that really do help people. Thank you.