Important Tips on Credit Repairers
Be wary of advertisements promising to "fix" bad credit. Credit repair companies may claim to improve consumers’ poor credit ratings, but, in reality, no credit repairer has the power to change or erase accurate information in a consumer’s file.
The Consumer Reporting Act provides rules regarding how long this information may appear in a consumer report. No credit repair clinic has the authority to have negative information removed from a consumer report unless it is inaccurate.
Watch out for companies that say they’ll "fix" bad credit for a fee — often substantial, usually payable in advance. So-called credit repair clinics say they will arrange to have negative credit information removed from your record — including information about bankruptcies and default judgments.
