Be leery if you are tempted to contact a credit-repair company. The Federal Trade Commission and several attorneys general have sued credit-repair companies for falsely promising to remove bad information from credit reports. Here are tips to follow:
Contact the Attorney General’s Consumer Protection Hotline at 800-392-8222 to check for complaints made against a company.
Avoid companies that tell you truthful information can be changed or erased to improve your credit or that only the credit-repair company can remove old or inaccurate information. These claims are false.
Be wary if you are asked for a large sum of money before the credit-repair company completes the job. A money-back guarantee will not protect you from a disreputable company.
Avoid new credit identities
If you have filed for bankruptcy, you may be the target of a credit-repair scheme, often called file segregation. Here, you are promised a chance to hide unfavorable credit information by establishing a new credit identity.
However, there is a problem: File segregation is illegal. If you use it, you could face fines or imprisonment.
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