Credit Repair To Improve Credit Scores
Geoff Dutton of the Columbus Dispatch writes about growth in controversial new online businesses that claim to be able to help you improve your credit score - called credit repair. Such services may be attractive to first-time home buyers looking to qualify for their first mortgage.
For a fee of several hundred dollars, the companies offer to add your name to a "seasoned" credit card, one with a history of timely payments. For several thousand dollars, they will add your name to multiple cards for a bigger boost.The blunt assessment of Steve Baker, the Midwest director of the Federal Trade Commission: "We’ve never seen a legitimate credit-repair company." In Ohio, a growing number of people are turning to them and feeling ripped off.
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