If you read the paper, watch TV or surf the Internet, you’ve seen one. An offer for credit repair services. You may have even gotten fliers in the mail or a telephone call from a credit repair firm. They all say the same thing: It’s easy, it’s legal, it’s 100% guaranteed.
Want to know the truth about credit repair services? Most of these credit repair offers are scams. In fact, according to the Federal Trade Commission, attorneys at the nation’s consumer protection agency have never seen a legitimate credit repair firm making those claims. The truth is that there really is no quick fix for credit damage. Most credit repair services offer nothing in exchange for money you can’t afford to spend.
You can improve your credit legitimately, but it takes time, effort and most importantly, sticking to a personal debt management plan.
Every day, credit repair firms target consumers who have poor credit histories, promising to help clean up their credit report so they can get a car loan, a mortgage or even a job. The fact is, a credit repair firm can’t remove accurate negative information from your credit report to improve your credit. It’s illegal.
If you follow illegal advice and commit fraud, you may find yourself in serious legal trouble. It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. You could be charged and prosecuted for mail or wire fraud if you use the mail, telephone or Internet to apply for credit and provide false information.
We believe that education is the key to a better financial future
Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.
CESI is NOT A LOAN COMPANY