The FTC or Federal Trade Commission has been investigating consumer complaints of fraud and unfair business practices in the United States for more than 90 years. They also work on behalf of the consumer by gathering and publishing consumer information to help educate and inform them.
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.
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 fraudulent claim to the consumer was that they had a very special software system that could remove any information from their credit report. Of course this sounded great to thousands of consumers, in fact 183,000 consumers spent $53 million dollars to take advantage of this credit repair system that the FTC proved was not available.
Most credit reports are accurate and verified by the credit bureau but mistakes can happen. But as a consumer you have a right to dispute any inaccurate or unverifiable information and no agency should suggest you dispute information that is accurate.
Credit bureaus have thirty days to investigate any disputed information you have.
The FTC advises that you associate with a law firm when you decide to get credit repair help. A reputable law firm will know of many legal methods to use that will get you on your way to a better credit score.
Companies with fraudulent intent will use illegal methods like using employer identification numbers, making false statements on credit applications and file segregation. Be a wise consumer and steer clear of these agencies.
Visit FTC and their official website to make a complaint against any companies.
Your first step is to get your free credit report that you are entitled to, under The Fair 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.
It may take fifteen days or more if you order by phone or by mail. You can get it instantly if you order online.
