Credit Repair or Scam?
Worried about being denied a security clearance because of bad credit? Considering a credit repair company to fix your credit report?
In an AARP Bulletin Today Scam Alert article, Credit Repair’s Dirty Business, Steven Baker of the Federal Trade Commission (FTC) was quoted as saying, In the last year, we’ve seen an increase of 50 percent in reports of credit repair scams. And to date, we’ve never seen a legitimate credit repair company. False promises, upfront fees, and worthless services may be the norm.
Since 1998 the FTC has brought action against over 50 credit repair firms that allegedly misrepresented their credit-related services. The FTC also prosecuted more than a dozen companies that allegedly offered debt relief but misrepresented the cost or nature of the relief.