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Credit Repair Giant Financial Education Services Shut Down for Scamming Consumers. What is Best Way to Fix Your Credit?

Posted by Sami Thalji | Jun 01, 2022

Credit Repair company Financial Education Services also known as United Wealth Services has been temporarily shut down by the Federal Trade Commissions after investigators found they scammed consumers out of $200 million. Like all credit repair companies, they target people with low credit scores and make promises of easy fixes. What most consumers don't understand is that credit repair doesn't really exist. Credit repair is only possible if the debt or the negative mark on your credit is not accurate or not yours. But, if the negative mark is accurate then there is no way to remove it from your credit report other than temporarily.=

The reality is that the best way to fix your credit, for those that need it the most is to file bankruptcy. Bankruptcy is misunderstood by most but also the subject of a lot of corporate propaganda convincing consumers that it is devastating for your credit. The reality is the opposite. Most people that need bankruptcy already have bad credit from a combination of defaulted loans, collection accounts, and late payment history. Bankruptcy actually zeroes out the amount of money owed and puts and end to the continued reporting of late payments. Those two factors alone often lead to 100+ point increases in scores within the first 12-18 months. We often speak to people with 620 credit scores that are scared bankruptcy will ruin their credit. If you aren't above 740 than there is nothing to ruin because creditors will only give you the worst interest rates possible if you aren't above that threshold.

The Fair Credit Reporting Act plays a large role in establishing accurate credit by allowing consumers a path to remove inaccuracies from their credit. If the credit reporting agencies and furnishers are put on notice of the inaccuracies and they fail to reasonably investigate or take corrective measures than you may have a claim under the FCRA. Claims under the FCRA can be effective if done correctly. The good news is that Florida Consumer Lawyers handles both bankruptcy and Fair Credit Reporting Act claims, so if you have an issue with either call us today.

About the Author

Sami Thalji

Sami Thalji is a native Floridian, born in Clearwater and raised in St. Petersburg, Florida. Sami graduated from Osceola High School in Seminole, Florida before attending and receiving both his Bachelor of Science and Juris Doctor from the University of Florida in Ga...


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