Cop Admits Fraud in Credit Rating Scam

You can’t pick up a newspaper or go on the Internet these days without running across a news story about police misbehavior.

Worst case, someone dies or gets badly injured in a police-involved shooting. There certainly are enough of those.

There are also, however, some positive stories about police interaction with the public in meaningful ways. We need more of those.

What we don’t need are reports of police corruption. While not as serious as shootings, white collar crime committed by cops is still a betrayal of trust and a serious offense.

Wire fraud guilty plea

Did you hear about the recent case of fraud in Florida? An officer with a large department in the Sunshine State has pleaded guilty to wire fraud, which could earn him a long stretch behind bars.

He apparently was involved in a scheme with co-conspirators who were in the credit repair business. The cop’s part was to create phony police reports using the identifying information of credit repair customers. That information was passed to him by his cohorts.

The fake police reports would assert that the customers were victims of identity theft. Those reports would become part of the official record, and they would then be sent to credit reporting agencies by the credit repair business people who were in on the conspiracy.

This would boost the credit score of the customers and the cop would share in the fees charged by the credit repair businesses.

Better terms for a loan

The higher a person’s credit score is, the better terms he can get for mortgage loans, automobile financing, home equity loans, etc. A credit score in the 700 and 800 range could conceivably save a consumer thousands of dollars.

Of course the legitimate businesses left holding the bag for bad loans would not be too happy with the cop and his partners in the swindle.

Rather than break the law and tarnish the badge of law enforcement, I have a better idea for those who desire a higher credit rating: Live within your means and pay the bills when they arrive. If you fall short for a month or so, call the creditor and ask for an extension.

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