FTC Cracks Down on 'Credit Repair' Scams

Government regulators are cracking down on companies that claim to remove negative information from consumer credit reports.

The Federal Trade Commission, along with the U.S. Postal Inspection Service and eight state law enforcement agencies, have identified 20 companies that promise to remove information from consumers' credit reports.

"Credit repair schemes are a big problem for consumers," Eileen Harrington, deputy director of the FTC's Bureau of Consumer Protection, said in a statement.

"Credit repair promoters generally charge hundreds of dollars, but don't deliver on their claims. The fact is, they can't. No one can legally remove accurate and timely information from your credit report," she said.

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