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Credit Repair Companies are Under Investigation!

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The Federal Trade Commission have mentioned about a nationwide crackdown on credit repair companies. It has also mentioned that thirty companies were being targeted including a Los Angeles company that had its assets frozen. Success Credit Service was charged in an FTC civil suit for infringing the Credit Repair Organizations act by declaring it could rapidly clean up credit reports by eliminating lawful negative items including late payments, tax liens and bankruptcies. The worldwide company Tracy Ballard-Straughn has been charged of illegally collecting thousands of dollars of up-front fees and then doing little or nothing in return. U.S. District Court in Los Angeles has permitted a provisional retaining order for the company and Ballard-Straughn.

The FTC has said that there 6 other credit repair companies that are under investigation and No action has been taken against them yet. However, the Assistant Attorney General said that the state will bring some charges for these alleged companies apart from the FTC action. Shelden has said that they had more complaints and inquiries about credit repair services. He also suggests that banking crisis was probably the foremost reason that has driven more consumers towards credit repair. He also said that people are having hard times to get a lift for their credit scores due to the economic crisis.

 

Credit Repair Companies, Develop Your Credit Rank!

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Choosing a company that helps you to develop your credit rank is not an easy task. With some few hundred dollars you can easily manage your services within a short period. However, selecting the wrong company may propel you to lose your money and time. In this regard, the best credit repair companies can come in handy to solve your future financial problem. It’s always better for you to choose the companies that have the good figure in the credit repair process and also solving all the credit needs that you require for. In the official term the credit repair is also known as the credit report repair.

So, the company has the Fair Credit Reporting Act to argument positive items in your credit reports openly with the credit agencies.  It is also helping the credit repair process of the creditors with the progress of their credit scores. There are number of leading companies will directly communicate with your creditor by various plan to stop coverage the wrong accounts to the credit agency. In this regard, the company may challenge the authority of a reported debt to solve your bad credit problem. Before all these things, the leading credit repair companies can help you a lot through such process. What you have to be very careful of is to choose the credit card repair organization, which is reputable & legitimate. Because of high demand for services of the organizations, industry is infiltrated by the scams & disreputable organizations. The unscrupulous agencies also attract the unsuspecting consumers by deceptive advertising & improbable claims. You will do yourself favor just by staying away from the organizations, which guarantee removal of all the negative items on the credit reports. An only negative item that is legally known from the record are one, which are inaccurate.

Provisions in Credit Repair Organizations are aimed in protecting the consumers from credit repair scams. Also, according to legislation, the credit repair organizations are been prohibited from charging fees till agreed on service is done. They are not at all allowed to give any service before client’s signing of the contract and until third day waiting period that has expired. Waiting period gives opportunity for client to cancel contract without even incurring penalties. Organizations are required to give prospective costumer with the copy of credit file rights in state & federal law.