It’s perhaps not unsurprising that consumers, anxious to have loan applications approved, are turning to credit repair agencies for help. However, it's easy for the unwary to be seduced by the many slick adverts that appear in newspapers, on TV and on the Internet that shout:

  • “Credit problems? No problem!”

  • “We can remove bankruptcies, judgments and bad loans from your credit file forever!”

  • “Legally create a new credit identity”

  • “We specialize in quick credit repair”
The Federal Trade Commission (FTC) in response to these adverts says: “Do yourself a favor and save yourself some money too. Don’t believe these claims, they are very likely signs of a scam.” They (FTC) say they have never seen a legitimate credit repair agency making those claims.