June 30, 2009
By Mike Wayman
Credit repair scammers beware! The Federal Trade Commission announced today that they will be holding a press conference tomorrow announcing a widespread attack on companies that are taking advantage of consumers due to the economic downturn. The FTC is calling the new attack on fraud “Operation Short Change.” Operation Short Change will be conducted in conjunction with local, state and federal law enforcement agencies in their efforts to reduce the amount of fraud targeted at consumers who have been affected by the economic turndown.
I am happy about the announcement and I think that the new efforts will rid the credit repair industry of the common “dispute letter mills” and other forms of credit repair fraud. People that have been affected negatively are the most at risk group in America for financial fraud. Many people that have lost their jobs or homes are desperate to recover both financially and emotionally and scammers use their negative circumstances against them.
The most common form of fraud is over-promising and under-delivering. Remember, no one can fix your credit or your finances overnight. Their is no magic bullet or pill that will cure your financial circumstances. However, there are truthful and honest credit repair firms available that can help you. They won’t promise you perfect credit in 30 days or less; they won’t guarantee a specific FICO score and they won’t guarantee that you will be approved for finance through their company.
My hope is that the newest wave of enforcement about to hit the streets will clean up the industry and consumers will be less likely to be taken advantage of.
