Credit-repair firms often don’t deliver what they promise
WASHINGTON — With foreclosures, short sales and credit-card defaults at record levels, an aggressive breed of firms has sprung up offering to power-wash consumers’ damaged credit files and boost their credit scores — thereby eliminating records of bankruptcies and mortgage delinquencies, even when the information is accurate.
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What’s the catch?
The problem with these companies that are offering to fix credit scores, say federal and state authorities, is that all of their promises may be deceptive and illegal. On Oct. 23, the Federal Trade Commission and 24 state agencies announced the kickoff of "Operation Clean Sweep,” targeting credit fix-up operations nationwide that allegedly take consumers’ money in exchange for boosts in credit scores that they cannot deliver.
Related Topics:
Business, Consumer Protection, Real Estate, Personal Finance, Consumer Credit and Debt, Personal Credit Ratings, Foreclosures
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