Credit Report & Repair Scams
Newspapers, radio, TV and the Internet are filled with advertisements that offer for a fee to erase accurate negative information in your credit file. The credit repair scam artists who run these ads can’t deliver. Only time, a deliberate effort, and a plan to repay your bills will improve your credit history record. This section is designed to help you understand credit reports and credit repair scams.
Credit Reports
Does your credit report accurately represent you? A recent study conducted by the Public Interest Research Group (PIRG) found over 70% of credit reports contain errors. Among the principal findings of the report were the following:
Twenty-nine percent (29%) of the credit reports contained serious errors that could result in the denial of credit.”
“Serious” errors included false delinquencies, public records or judgments that belonged to a stranger, or credit accounts that did not belong to the consumer.