Credit Repair: These Facts Can Keep You Out of Hot Water

Everyday, companies target people who have poor credit histories with promises to clean up their credit reports so they can get a car loan, a home mortgage, insurance, or even a job – after paying a fee for the service. The truth is that no one can remove accurate negative information from your credit report. It’s illegal.

FTC Charges Seven Credit Repair Companies with Deceiving Consumers

The Federal Trade Commission has charged seven related companies with violating federal law by falsely promising to remove negative information from consumers’ credit reports, even information that is accurate and current, and by charging an up-front fee and failing to provide written disclosures. The agency seeks to make them stop the violations and pay restitution to consumers.

National Consumer Protection Week

In recognition of National Consumer Protection Week, I will provide a variety of consumer information to you this week that highlights efforts designed to help you make informed decisions about your money. These topics will include information related to credit, banking, mortgages, investments as well as protecting your identity.

Many thanks to the Federal Trade Commission and its steering committee partners listed below:

* AARP
* Better Business Bureau
* Consumer Federation of America (CFA)
* Federal Citizen Information Center (FCIC)
* Federal Communications Commission (FCC)
* Federal Deposit Insurance Corporation (FDIC)
* Federal Trade Commission (FTC)
* National Association of Consumer Agency Administrators (NACAA)
* National Consumers League (NCL)
* Office of the Comptroller of the Currency (OCC)
* United States Postal Inspection Service (USPIS)
* United States Postal Service (USPS)

To kick off this event, I have listed these topics for you today: Credit Repair: How To Help Yourself, Ten Ways to Protect Yourself from Scams and Rip-Off’s, and Obtaining a Free Credit Report.