The Federal Trade Commission (FTC) at www.ftc.gov has warned consumers about companies that make claims about credit repair. These credit clinics usually do nothing more than consumers can do by themselves without paying anyone a fee. Companies that offer to create a brand-new identity with a new credit file for you continue to get unwary consumers involved in their fraudulent activity that often includes identity theft. There is no easy way to quickly fix a credit report. Other than fixing errors, other blemishes will be resolved only by time.
Warning Signs for Dealing with Credit Repair Companies
• Avoid dealing with credit repair companies that cost you money and will not provide you any benefits.
• Beware of credit repair companies that offer to remove information such as late payments, bankruptcies, or other judgments from your credit report. They cannot.
• Beware of credit repair companies that will not give out a street address or will only provide an off-shore P.O. Box.
• Beware of credit repair companies that charge a large fee.
• Beware of credit repair companies that ask the consumer to repeatedly dispute an item on his or her credit report that has been already found to be correct. This indirect harassment of the credit bureau will not change the item in question and may cause the consumer other problems.