The Federal Trade Commission and Minnesota Attorney General Lori Swanson have warned consumers to be careful when paying a company to help repair their credit.
On her website, Swanson says, “while credit scores can be improved, it is important not to use ‘credit repair’ companies. These companies offer to improve your credit score or lower your interest rates for a fee. Unfortunately, these companies hardly ever improve a consumer’s creditworthiness.”
But a local attorney told Whistleblower that credit repair companies may help consumers lower their debt or navigate the process of reporting errors to the FTC.
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