![]() ![]() This joint law enforcement sweep is the first combined effort to utilize the Credit Repair Organization Act (CROA), a new federal law designed to help consumers combat fraudulent credit repair operations. In some cases, these credit repair companies are advising consumers to take actions such as using false Social Security numbers, which, if followed, would constitute felonies. But, according to the FTC, these companies cannot remove legitimate negative information and, where there are actual errors in credit reports, consumers have the legal right to have those corrected for free most of the time. Sometimes charging more than $1,000, these firms purport to guarantee consumers they can remove negative information from their credit reports - even if the negative information is accurate and timely. ![]() "Operation Eraser," a federal-state crackdown on fraudulent credit repair firms, targeted 31 companies that promise consumers that they can restore their creditworthiness for a fee. About the FTC Show/hide About the FTC menu itemsĬonsumers are still being bilked out of millions of dollars by bogus credit repair organizations, the Federal Trade Commission said today as it announced another project in its continuing effort to eliminate these illegal operations.News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items. ![]()
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