Are you already having a terrible time trying to get your finances in order? Imagine hiring a credit repair agency only to discover they scammed you. What a nightmare!
Unfortunately, this story is all too real. Learn more about the bad seeds and how their dishonest services were uncovered, so they can be shut down for good.
They Took Thousands!
One agency that is now shut down was the First Time Credit Solution, Corp. They claimed to have backing by the Federal Trade Commission. Sounds legit, right? They were actually lying while taking thousands from their victims. Some victims included Spanish-speaking consumers who were suckered into believing the negative things on their credit report would magically erase.
The law thankfully went after these criminals, and they had to pay back nearly $2.5 million in damages to their victims. Anyone working for the agency also had to fork over everything in their own bank accounts. None of them will ever be able to work for a credit repair agency again!
Promises, Promises
Legal advice, debt settlements, and credit repair in three years or less were just a few promises made by Debt Pro 123. Some of the consumers using their services paid over $10,000 – just to find the agency only a scam.
The wonderful legal system caught these crooks, as well, and they were charged with violating the Federal Trade Commission Act, the Telemarketing Sales Rule, and the Credit Repair Organization Act. That’s what happens when you make promises you can’t keep!
How to Protect Yourself
There are red flags and tips to consider before signing a contract with any credit repair agency. If the company asks for money up front, walk away. Same goes if they tell you not to talk with any of the credit bureaus. A reputable business would never do these things.
In any situation, a credit repair agency is required by law to inform you of your legal rights. Ask the agent you are speaking with to do this. If they can’t, find someone else to assist you.
When you think you found the right agency, use your common sense. Never send personal information to people you don’t know, don’t always believe what you see online or on caller ID, and don’t pay for something you haven’t received.
Additionally, pay with a credit card to ensure your purchase is protected. Discuss the process with a family member or trusted friend who may catch something you missed. Finally, if you’re getting something for free, make sure you aren’t entering a binding contract by accepting it.
What to Walk Away With
Just because a credit repair agency looks professional doesn’t mean they are. Do the research necessary to protect yourself! While trying to better your situation, you could actually fall behind. If you want a company you can trust, contact us today. We can help get your credit back on the track the legitimate way.
Did you have a bad experience with a credit repair agency? Tell us your story in the comments below.