What You Need to Know About Credit Repair Companies

Reporter: Sheryl Nance-Nash

Publication: Newsday


Deadline: Jul 6, 2017 12:00 pm

The Consumer Financial Protection Bureau (CFPB) today filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. The Bureau alleges that the companies not only charged illegal advance fees for credit repair services, but also misrepresented their ability to repair consumers’ credit scores. Under a proposed final judgment, Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, Blake Johnson, and Eric Schlegel would pay a civil money penalty of more than $1.5 million. Under a second proposed final judgment, Park View Law, known formerly as Prime Law Experts, Inc., and its owner Arthur Barens would pay $500,000 in relinquished funds to the U.S. Treasury. I want to hear from certified financial planners, and other financial experts, from Long Island and the NYC metro area, but others welcome, about why people need to be careful when trying to “fix” their credit. What do people need to know and understand about credit repair companies? What can people do themselves to enhance their poor credit standing?

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