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Millions hurt by credit repair firms to share $1.8 billion in refunds

^{Published on 2024-12-08 14:40:47 - Yahoo Finance}
 

• Payments to victims of Lexington Law and CreditRepair.com are the largest yet by Consumer Financial Protection Bureau.

The article from Yahoo Finance discusses a significant issue affecting millions of Americans: the prevalence of credit repair scams. It highlights how these scams promise to fix credit reports by removing negative items, often charging high fees for services that could be done for free or at a much lower cost. The article points out that the Federal Trade Commission (FTC) has noted an increase in complaints about credit repair companies, which often fail to deliver on their promises or engage in fraudulent activities. It also mentions that legitimate credit repair can be achieved through understanding one's rights under the Fair Credit Reporting Act, disputing inaccuracies directly with credit bureaus, and practicing good credit habits. The piece warns consumers to be wary of companies that ask for payment before services are rendered, as this is illegal, and emphasizes the importance of researching any credit repair service before engaging with them.

Read the Full YAHOO!Finance Article at:
[ https://finance.yahoo.com/news/millions-hurt-credit-repair-1-213650226.html ]

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