Spotting Credit Repair Scams
If you are tempted to contact a credit repair company for help, use considerable caution. The Federal Trade Commission (FTC) and a number of state Attorneys General have sued credit repair companies for falsely promising to remove bad information from credit reports. Consider the following:
- Contact your state Attorney General, local Better Business Bureau, and your state or local consumer affairs agency to check out the credit repair company. See if any complaints have been lodged against the company.
- Be alert if you are told that accurate information will be changed or erased or that only the credit repair company can remove old or inaccurate information. Such claims are false.
- Be especially wary if you are asked for a large sum of money in advance, before the credit repair company completes the job it promises to do. Even a money-back guarantee won't protect you if the company is dishonest.
Content Last Modified on 3/15/2011 10:36:35 AM