CREDIT REPAIR

The Federal Trade Commission (FTC) recently announced action being taken in 15 different cases against credit repair firms that still are bilking consumers out of millions of dollars annually. It also announced a new consumer education program. Here are some facts on credit repair.

1. Accurate and timely information cannot be removed from your credit report, even if you have paid off a once delinquent debt. The fact that it is paid off is to your credit, however, the fact that the account was once delinquent is also true and can remain on your credit files from up to seven years.
   
2. Credit repair clinics can't do anything to improve your credit report that you can't do for yourself, at little or no cost, 
   
3. Avoid companies that want you to pay for credit repair services BEFORE they provide any services.
   
4. It is illegal for telemarketers who offer credit repair services to request payment until six months after they have delivered the services.

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