The FTC or Federal Trade Commission investigates consumer complaints of fraud and unfair business practices throughout the US for more than 90 years. They also inform and educate the consumer with published information on credit repair and credit repair agencies.
Many companies promise to help repair your credit, but are some of them really making claims they can’t keep? Some state that they can repair your credit in a small period of time. These suggestions are really illegal and the FTC says to be aware of these companies.
Every company in business must use care in their claims they make and so it is with credit repair agencies as well. The Federal Trade Commission charged a company under the name of the national credit repair agency with “engaging in fraudulent credit repair activities” in 2003.
The national credit repair agency claimed they could remove any information from a consumers credit report with a sophisticated software system they owned. According to the FTC complaint, the agency did not have a special system and by making this and other fake claims they were able to entice more than 183,000 consumers to spend more than $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.
All credit bureaus have thirty days to investigate the disputed information you have.
Should you choose to get help from a credit repair specialist or agency, it is advisable to choose one that is associated with a law firm. A reputable company will know of many, legal methods that will help improve your credit score.
Be aware of illegal methods, such as file segregation, using employer identification numbers and making fake statements on credit applications. The consumer would be wise to steer clear of any credit repair agency that recommends any of these options.
To make a complaint against an agency or company, make sure to visit the FTC website.
Your first step is to get your free credit report that you are entitled to, under The Honest Credit Reporting Act. You can get one free every twelve months from each of the top three credit bureaus Equifax, Experian and TransUnion.
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 quicker if you order it online. It will take fifteen days or even more if you phone in or order by mail.