Are concerns about your credit score report keeping you up at night?
Do you want to improve your credit report’s clarity, making it easier for lenders and landlords to assess your financial reliability and trustworthiness?
Lured by online ads promising a quick fix for your financial woes?
If you suppose that this describes you, then beware.
As a consequence of the US Federal Trade Commission (FTC) warning that anyone claiming to remove negative information from your credit report is likely a scammer.
The Federal Trade Commission (FTC) has taken action against several companies that misleadingly promoted themselves as credit score restoration services on social media and websites.
The Federal Trade Commission (FTC) has directed Monetary Training Companies (MTC), also known as FES, to cease and desist from alleged operations of a pyramid scheme that targeted individuals with low credit scores by offering false promises of credit restoration services. A complex web of deceit had ensnared its victims, offering a tantalizing prospect of a straightforward fix that proved to be nothing more than an illusion.
The Federal Emergency Services (FES) and its affiliated entities, comprised of homeowners, operators, and related companies, perpetrated a pervasive deception against the general public, soliciting upfront payments while making exaggerated and inflated declarations that lacked factual basis. Subsequently, these individuals were coerced into marketing a pyramid scheme touting the benefits of credit score repair services to unsuspecting victims.
While accurate information must remain on a credit report, incorrect data can be corrected.
Authentic credit score restoration firms can review errors on your credit report, but must provide a detailed contract beforehand and refrain from charging you until they’ve helped you.
Typically, individuals can independently correct mistakes on their credit reports by obtaining a complimentary copy from Equifax, Experian, or TransUnion, and contesting any inaccuracies with the relevant credit scoring agency.
Clearly, making timely payments and repaying debts is wise if you want to improve your credit score.
Beware that only scam artists claim to eliminate all damaging information from your credit report entirely.
If something appears too perfect, its authenticity is often in question.
