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Definition of 'Contractor Fraud'
Illegal business practices committed by firms hired to reform, renovate, repair or build residential properties. Contractor fraud is typically carried out by small firms promising quick repairs or upgrades for below market prices. The work is usually substandard, unnecessary or may even cause damage to previously undamaged parts of a home. The victim of contractor fraud is often pressured into paying for the work through threats and intimidation.
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Investopedia explains 'Contractor Fraud'
Contractor fraud often ends up costing the victim twice because they get taken in by the fraud and then have to pay a legitimate firm again to bring the work up to standard or repair the damage. Organizations like the Better Business Bureau have made it harder for these fraudsters to prey on informed consumers, but some fraudulent contractors continue to target vulnerable groups like the elderly by going door to door.
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Search results for 'Contractor Fraud'
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http://www.investopedia.com/articles/pf/11/senior-financial-scams.asp
... Contractor Fraud Chances are that your house will need work at sometime during
retirement - especially if it has been yours for 25 years. ...
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http://www.investopedia.com/articles/mortgages-real-estate/08/homeowners-scams.asp
... them to conduct unneeded or faulty repair on their homes to committing fraud. ... A
"contractor" solicits and convinces the homeowner to let the contractor do the ...
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http://www.investopedia.com/professionals/FAQs/Series7/071305.asp
... convicted with a misdemeanor involving investments and related to fraud, extortion,
bribery ... or suspended from an accountant, attorney or federal contractor role ...
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