Colorado joined a crackdown called Operation Clean Sweep, a joint effort with the Federal Trade Commission and 22 other states to root out unlawful credit repair practices in 33 businesses nationwide. The Colorado Attorney General’s Office announced Thursday that it has entered into settlement agreements with two Colorado credit service organizations, and has ongoing investigations into several others.
“Especially in today’s credit market, gaining and maintaining good credit is an increasingly important part of financial stability,” commented Colorado Attorney General Suthers. “Unfortunately, several disreputable businesses prey on consumers whose credit is less-than ideal, and we will continue to hold them accountable for their deception.”
Settlements have been reached with Aurora’s Integrity Credit Fix, Inc., and My Purchase Power, LLC, located in Northglenn. Each company charged fees prior to the completion of their services and failed to provide all required disclosures. Both companies have agreed to cease and desist from violating the Colorado Credit Services Organization Act. A dozen other investigations are ongoing.
No entity can legally remove accurate and timely negative information from a credit report. The federal Fair Credit Reporting Act and Colorado Consumer Credit Reporting Act allow credit bureaus to report accurate negative information for seven years, and bankruptcies for ten years.
Consumers can obtain a free yearly copy of their credit report online, or by calling 1-877-322-8228. Consumers may dispute or correct old or incorrect information on a credit report by contacting the credit bureaus directly.
If you have a complaint about a credit repair company, call the Attorney General’s Office at 303-866-4494, or download a complaint form.
Tags: Colorado goes after credit repair scammers, complaint form, Consumer Credit Reporting, credit report online