Here's why you need to stay away from credit repair companies - WALB.com, South Georgia News, Weather, Sports

Here's why you need to stay away from credit repair companies

ATLANTA (CBS46) -

If failing to pay bills has hurt your credit score, you may be looking for help.

Better Call Harry names one business you want to avoid, especially when you find out where they do business.

One apartment complex on Peachtree Valley Road in Atlanta looks like an excellent place to live. But it’s not exactly where you’d expect to find a business, especially one promising to rebuild your credit.

The Better Business Bureau said this complex is home to Excellent Credit Builders, LLC. They have a Facebook page for the company, but not much was there. There wasn’t a website either, which is a red flag.

But Mike Boynton of Atlanta’s BBB said that omission hasn’t stopped the company from preying on needy consumers.

“They could place ads and a phone number and consumers that are desperate, if they see a hope or an opportunity to improve their credit rating, they’re going to respond to an ad, an email, a direct mail,” he said.

The BBB says consumers paid an upfront fee to $500 to Excellent Credit Builders, but never received the credit repair job the company promised. That earned the company a big fat “F” from the BBB.

The Georgia Dept. of Law says most credit repair businesses are illegal. The reality is there’s really only three places to go fix your credit: the credit unions themselves, Experian and Transunion, and yes, the now infamous Equifax.

They are the ones who can remove inaccurate information from your credit report. Then it’s time for you to do some work, because only you can repair your bad credit.

“It takes perhaps, years,” Boynton said. “It takes a good payment plan to improve credit ratings.”

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