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The Federal Trade Commission
(FTC) in response to thousands of complaints received from consumers,
coordinated "Project Credit Despair" with the two main goals
being to stop bad credit deceptive practices and to alert consumer
to the potential damage that these credit repair agencies may do.
Many credit repair agencies run operations that deceptively claim
that they guarantee the removal of negative information from the consumer
credit reports even if the information on the report is timely and
accurate.
Eileen Harrington, the Deputy Director of the FTC's Bureau of Consumer
Protection at the time, was quoted as saying that "Credit repair
schemes are a big problem for consumers….generally charge hundreds
of dollars, but don't deliver on their claims. The fact is, they can't.
No one can legally remove accurate and timely information. These companies,
throughout the U.S., typically charged hundreds of dollars in advance
for this service, which they do not guarantee."(END)
There is absolutely no reason to pay this much money for credit repair
and in fact even the FTC itself claims on their website "there
is nothing that any credit repair firm can do for you for a fee that
you cannot do for yourself at little or no cost."
The FTC features this follwing list of advice on their website for
consumers who insist upon seeking help from a credit repair agency
despite the obvious reasons to Do It Yourself.
Advice
for Consumers
How can you avoid turning credit repair into credit despair? Here
are a few suggestions:
· Avoid any company that wants you to pay for credit repair
services before they provide any services. It is against the law.
· Avoid any credit repair company that will not tell you your
legal rights and what you can do, yourself, for free.
· Avoid any credit repair company that tells you not to contact
a credit reporting company directly by yourself
· Avoid any credit repair company that advises you to dispute
all of the information in your credit report.
· Avoid any company that suggests creating a "new"
credit identity - and then, a new credit report - by applying for
an Employer Identification Number to use instead of your Social Security
number. That is against the law. If you follow illegal advice and
commit fraud, you also may be subject to prosecution.
The FTC advises that only time, a conscious effort, and a personal
debt repayment plan can improve your credit report. The first step
is to learn what information is in your credit report. If you find
errors or mistakes, federal law gives you the right to have them corrected
- free of charge. Make sure you know your credit rights. Starting
with education will produce the best results.
There is not much to know but what you don't know when it comes to
credit, can REALLY hurt you and your pocketbook. The Credit Secrets
Bible is your main expert source when it comes to credit insider strategies,
tips, techniques, letters and everything you would possibly need to
fix your own credit and improve your credit score dramatically by
yourself.
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