Home improvement, repair fraud still a concern [Video]
Posted on Thursday, January 26, 2017 at 4:00:16 PM
It seems as though today, no trend comes without some form of risk. For example, as home improvement spending has skyrocketed in the past couple of years, so too has the rate of criminal activity related to fraud perpetuated by false or illegal contractors.
Take the state of New Jersey, for example, which NJ.com reported to be bringing down the hammer on such fraudulent activity, and is still coming to judgments against those that took place right after Hurricane Sandy. A total of $1.9 million is expected to be pulled from 136 contractors for their trespasses, while another $3.8 million from relief funds is also on the table for activities directly related to Hurricane Sandy, the news provider explained.
Home improvement activity and spending are indeed looking to further expand this year. If you are planning to launch a project that requires outside assistance, make sure you are screening all contractors before signing any agreements or making any payments. Also, when in need of a home improvement loan, consider discussing your options with a representative from your local bank.