|
You see the advertisements in newspapers and on TV and on the
internet. The Federal Trade Commission has provided some simple warning signs
for those considering dealing with unscrupulous "Credit Repair" companies, some
of whom operate from P.O. Boxes and mail drops. They all make the same claims:
"Credit problems, No Problem"
"We can erase your bad credit-100% Guaranteed"
"Create a new credit identity-legally"
"We can remove bankruptcies, judgments, liens, and bad loans
from your credit file forever"
These are common false claims designed to lure you into
paying fees for services that you may never receive or which may be fraudulent. If you see something that reads similar to "Best credit repair company - Guaranteed to remove all items" then it is probably too good to be true.
Credit Repair Companies which request large up-front fees before any
services are provided.
Credit Repair Companies which do not advise you of legal rights under the
Fair Credit Reporting Act and what you can do for free.
Credit Repair Companies which suggest that you attempt to invent a new
identity or set up a new credit file by applying for a new Employer ID#.
Credit Repair Companies which suggest that you undertake other illegal
activity.
Consumers are urged to beware of these warning signs and be
careful in how they supply confidential personal credit information.
|