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Credit repair organizations

There is nothing any credit repair clinic can legally do for you – including removing inaccurate credit information – that you can’t do for yourself for free. Their fees can be substantial, ranging from hundreds to thousands of dollars.

The Credit Repair Organizations Act, a federal law that became effective on April 1, 1997, prohibits credit repair clinics from taking consumers’ money until they fully complete the services they promise. It also requires such firms to provide consumers with a written contract stating all the services to be provided and the terms and conditions of payment. Under the law, consumers have three days to withdraw from the contract.

It is illegal for a credit repair clinic to ask or suggest that you mislead credit reporting companies about your credit accounts or alter your identity to change your credit history.

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