Credit Repair Scams

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Welcome to the online presentation, Credit Repair Scams. You've probably seen advertisements for companies that claim to be able to "fix" a bad credit history so that you will be able to qualify for future credit. Their messages can be very tempting, especially for someone who has had prior credit problems and wants to borrow money for a home or new car. The term "credit repair organization" refers to firms that provide services in return for payment for the purpose of improving a consumer's credit record, credit history, or credit rating. Avoid credit repair organizations that use illegal practices and companies that don’t do anything illegal, but charge high fees of $350 to $3,000 for things that consumers can do for themselves.

Author:
Maria C. Young (Family and Community Health Sciences Educator, Rutgers Cooperative Extension)

Duration:
20 minutes, 41 seconds

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