Companies claiming they can repair your credit advertise on TV, in newspapers, with flyers and on the Internet. These companies guarantee to fix credit for a fee. Be sure to research any company you are considering doing business with.
Some credit repair companies offer you a new credit identity or taxpayer ID number. This is illegal.
It's often done with forged documents or by applying under false pretenses for a new taxpayer ID number. You are breaking the law if you use a false credit history.
If you respond to credit repair offers, there's a good chance you will be ripped off. Credit repair scams prey on people's desperation. They take your money and run.
Legally, credit repair companies only can take the steps we outline in this brochure. You can do these things yourself for free. Save your money: only time, discipline and patience will repair damaged credit.
Credit repair companies are allowed to operate as long as they follow federal and selected state laws designed to protect you from common deceptions.
A company offering to repair your credit cannot perform any services until it has your signature on a written contract. You have three days to cancel the contract without penalty or fees. All contracts must describe the services to be performed and provide detailed disclosures on cost, payment terms, how long it will take and how to contact the company.
Credit repair companies cannot ask you to pay any money until they have completed any promised services. For example, if the company promises it can remove a listing from your credit report, you cannot be charged for the service until it provides you with a copy of your credit report that proves that the information has been removed.
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Companies claiming they can repair your credit advertise on TV, in newspapers, with flyers and on the Internet. These companies guarantee to fix credit for a fee. Be sure to research any company you are considering doing business with.
Some credit repair companies offer you a new credit identity or taxpayer ID number. This is illegal. It's often done with forged documents or by applying under false pretenses for a new taxpayer ID number. You are breaking the law if you use a false credit history.
If you respond to credit repair offers, there's a good chance you will be ripped off. Credit repair scams prey on people's desperation. They take your money and run.
Legally, credit repair companies only can take the steps we outline in this brochure. You can do these things yourself for free. Save your money: only time, discipline and patience will repair damaged credit.
Credit repair companies are allowed to operate as long as they follow federal and selected state laws designed to protect you from common deceptions.
A company offering to repair your credit cannot perform any services until it has your signature on a written contract. You have three days to cancel the contract without penalty or fees. All contracts must describe the services to be performed and provide detailed disclosures on cost, payment terms, how long it will take and how to contact the company.
Credit repair companies cannot ask you to pay any money until they have completed any promised services. For example, if the company promises it can remove a listing from your credit report, you cannot be charged for the service until it provides you with a copy of your credit report that proves that the information has been removed.