The FTC or Federal Trade Commission works on behalf of consumers throughout the United States for more than 90 years. They gather and publish consumer information to educate and inform them. They also investigate consumer complaints of fraud and unfair business practices.

The FTC says to be aware of credit repair companies that make claims they can’t follow through. Fraudulent claims are illegal, like promising to repair your credit in a short period of time.

Any credit repair agency must use care in the claims that they make, just as any company in any industry must. A company operating under the name of the national credit repair agency was charged with “engaging in fraudulent credit repair activities” by the Federal Trade Commission released in 2003.

This credit agency claimed to consumers that they could remove any information from their credit report with a unique and sophisticated software system that they had. According to the FTC complaint, they did not have this special system, but by making this claim they were able to entice more than 183,000 consumers to spend a large amount of money, in the tune of $53 million on credit repair services!

Most times the information on your credit report is accurate and verified by the credit bureau. But if you believe you have found information on your report to be inaccurate or unverifiable, than you have a right to dispute it. A credit repair agency should not suggest that a consumer dispute information that is accurate.

Credit bureaus have thirty days to investigate any disputed information you have.

Choose a reputable company that is associated with a law firm if you need a credit repair specialist or agency. They will know of many legal methods to use to improve your credit score.

Be aware of illegal methods, such as file segregation, using employer identification numbers and making false statements on credit applications. The consumer would be wise to steer clear of any credit repair agency that recommends any of these options.

Visit FTC and their official website to make a complaint against any companies.

Of course the first course of action is to order your credit report. Under The Fair Credit Reporting Act, you are entitled to a free credit report from each of the top three credit bureaus Equifax, Experian and TransUnion every twelve months.

Get your report on the website or call the toll free number 1-877-322-8228. The address is Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281 to send in your request.

You will receive it much faster if you order it online. It will take fifteen days or even more if you phone in or order by mail.

Click the link titled: fix credit reports right here: fix credit reports to learn more.

Tagged with: • • • • • • • • • • • • • •

Filed under: Law

Print This Post Print This Post

Like this post? Subscribe to my RSS feed and get loads more!