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Credit report repair fraud - another crackdown by FTC!

Fri Feb 3, 2006 11:02AM | By Tony

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Federal Trade Commission is after 20 credit report repair companies which have managed to convince many consumers that accurate and timely, but oops, negative information can be erased from their credit reports.

In this credit report repair crackdown, quite appropriately dubbed "Project Credit Despair", FTC is joined by eight state law enforcement agencies from Illinois, Tennessee, Ohio, California, Louisiana, Florida, Arkansas and Kentucky. The hunt was triggered by the complaints from too many consumers, who were duped into paying upfront fees up to $350 for illegal credit report repair schemes that would never work.

Credit report repair can be done legally in a careful and responsible manner. Consumers can repair credit without any so called professional help. Any incorrect information on credit report can and should be disputed and eventually removed.
The correct information unfortunately will stay until bad credit time limits expire. All the consumers can do in this case is to humbly ask that few bad records are removed. Sometimes, it works, especially in case of paid collections and old charge offs. More often, it doesn't. Bottom line is, no one can erase bad credit.

Credit report repair schemers often use these selling tactics so stay away from:
- any credit repair company that wants upfront fees - it is against the law
- any company that will not give free information on what you can do yourself
- any company that asks you not to contact a credit reporting agency directly
- any company that pushes a new credit identity and a new credit report by applying for an Employer Identification Number (EIN) to use instead of your Social Security Number - that is illegal, and by doing this, you commit fraud, and expose yourself to prosecution