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Operators of credit repair scheme banned
The Federal Trade Commission has announced the operators of a bogus credit repair scheme have been banned from the credit repair business and are subject to a wide array of other requirements under settlement terms with the Commission. The settlements relate to an FTC complaint filed in June 2019 alleging that the defendants targeted consumers with false promises of substantially improving consumers’ credit scores by claiming to remove all negative items and “hard” credit inquiries (which can often change a consumer’s credit score) from consumers’ credit reports. In addition, the FTC alleged the defendants illegally charged upfront fees for their services and advised consumers to mislead credit bureaus and lenders, as well as threatening consumers with lawsuits when they complained or disputed charges.