Only scammers say they’ll remove all negative information from your credit report

An FTC case has put a stop to the deceptive practices of a group of businesses that advertised credit repair services on websites and social media. Financial Education Services, Inc. and a network of companies claimed they would permanently remove all negative information from peoples’ credit reports and improve their credit scores. The FTC says FES charged new customers hundreds of dollars in illegal upfront fees, gave them form letters to send to credit reporting agencies, and claimed the letters would get results. But according to the FTC, many times the credit reporting agencies didn’t make permanent changes after they got the letters.

Some people hire credit repair companies to help investigate mistakes on their credit reports. A credit repair company must explain your legal rights and total costs in a detailed contract before it starts work. It’s illegal for a company to charge you before it helps you.

You can do the same things a credit repair company can do legally, and it will cost you little or nothing. Here’s how:

Para mayor información, consulte los materiales que la Oficina para la Protección Financiera del Consumidor (CFBP por sus siglas en inglés) tiene disponibles.

https://www.consumerfinance.gov/es