The Federal Trade Commission (FTC) is warning consumers to be cautious of scams targeting those trying to fix or improve their credit. According to the FTC
, fraudulent “credit repair” companies often promise to remove accurate negative information or create a new credit identity for a fee—claims that are both misleading and illegal. Scammers may also ask for payment upfront before providing any services, which is a violation of federal law. Consumers should be wary of any company that guarantees quick fixes or instructs them to dispute accurate information on their credit report.
The FTC advises individuals to take control of their credit by working directly with the three major credit bureaus—Equifax, Experian, and TransUnion—and by reviewing their credit reports regularly at AnnualCreditReport.com. Legitimate credit repair takes time and involves correcting only inaccurate or outdated information. Consumers should avoid sharing personal details with unverified companies and report suspicious activity to the FTC or their state attorney general’s office.
MVSB can help customers strengthen their credit safely through personalized financial guidance, secure credit-building products, and fraud protection tools. We offer budgeting tools in online banking, a complimentary financial learning center, and access to knowledgeable professionals who can help you develop a plan to improve credit responsibly.
