Financial Planning for Generation X & Y Women
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Expert Q&A Archive

Does the FTC keep information on credit restoration companies?
Do you know whether the Federal Trade Commission keeps information on credit restoration companies that have bad records?
Gerri Detweiler:
expert info »
The FTC does not approve credit repair firms.
Wi$eUp Editor's Note:
Some Facts from the Federal Trade Commission

The Federal Trade Commission (FTC) says do yourself a favor and save some money, too. Don't believe the credit repair claims of credit restoration companies: they're very likely signs of a scam. Indeed, attorneys at the nation's consumer protection agency say they've never seen a legitimate credit repair operation making those claims. The fact is there's no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan. A great source of legitimate help is the National Foundation for Credit Counseling (NFCC) that you can contact at or by calling 1-800-388-2227.

The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost.

To learn how to improve your credit worthiness and find legitimate resources for low or no-cost help, please see the…publications at

Many states have laws regulating credit repair companies. State law enforcement officials may be helpful if you've lost money to credit repair scams. Don't be embarrassed to report a problem with a credit repair company. While you may fear that contacting the government could make your problems worse, remember that laws are in place to protect you. Contact your local consumer affairs office or your state Attorney General (AG). Many AGs have toll-free consumer hotlines; check the Blue Pages of your telephone directory for the phone number or for a list of state attorneys general.

All this and more can be found at