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Updated: 3:37 PM Jul 24, 2008
Credit Score Promises May Be a Rip Off
If you're trying to fix your credit score, some companies that promise to help, may be more of a rip off. Posted: 4:55 AM Jul 24, 2008 |
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2 Comments 
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9 Comments
Unfortunately, this article paints all Credit Repair companies the same. While it is true there are dishonest companies out there, it is unfair to paint them all the same. There are dishonest mortgage brokers, mechanics, etc out there also, but does that mean they are ALL bad, absolutely not. The best policy is to check out nacso.org to see if the credit repair company is a member and reputable and if any complaints have been filed.
If this is truly what the BBB has said, then this is completely sensationalized and untrue. I'm with the National Association of Credit Services Organizations, and we help regulate the industry mentioned. The service that Credit Repair Organizations provide works. In the event that a customer is not helped by a service provided by a Credit Repair Organization, then a refund is typically granted. Additionally, 7000 complaints in five years for all the companies that are out there is very small and not even worth talking about. We, like the BBB, process complaints on all credit repair companies, members or non members. We find with the majority of the complaints, the credit repair organization is not at fault. Rather, with how confusing the credit system is, the consumer forgets to forward results or follow their part of the program, and they think the company is at fault.