SourceOne Capital proudly endorses the opinions of the Federal Trade Commission (FTC) concerning disreputable credit repair companies.
The FTC's concerns regarding credit repair companies address the unethical individuals who have taken advantage of the rising demand of credit restoration by posing as credit repair companies on the Internet or via telemarketing, making promises they either couldn't keep or never intended to keep, and/or charging fees up-front and then vanishing after providing minimal and inadequate services – if any services at all. Several of these companies encourage consumers to use unethical and even illegal tactics to clean their credit reports.
In an attempt to discourage unscrupulous credit repair opportunists, the government has imposed strict regulations on credit repair companies. Overall, these regulations are a positive step toward protecting consumers from disreputable credit repair companies. Unfortunately, disreputable credit repair companies continue to exist on the Internet awaiting to be discovered by regulatory companies and extinguished. To avoid their scams, you, as a potential consumer, should be wary of any credit repair company that won't provide their complete address (beyond a Post Office Box), fully identify who they are (including a verifiable identity) Avoid credit repair companies that give unethical and/or even illegal advice. They may subject you to personal liability.