The Federal Trade Commission
(FTC) recently announced action being taken in 15 different
cases against credit repair firms that still are bilking
consumers out of millions of dollars annually. It also announced
a new consumer education program. Here are some facts on credit
- Accurate and timely information cannot be removed from
your credit report, even if you have paid off a once
delinquent debt. The fact that it is paid off is to your
credit, however, the fact that the account was once
delinquent is also true and can remain on your credit files
from up to seven years.
- Credit repair clinics can't do anything to improve your
credit report that you can't do for yourself, at little or
- Avoid companies that want you to pay for credit repair
services BEFORE they provide any services.
- It is illegal for telemarketers who offer credit repair
services to request payment until six months after they have
delivered the services.
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