Credit repair fraud revealed
Shannon Cohen
Business & Technology Editor
Issue date: 3/23/09 Section: Business
Many innocent citizens fell prey to the credit repair services provided by Hargrave and Associates.
The company promised to raise consumers' credit scores substantially for flat fee.
Victims have said the company promised to erase transactions on their credit report which would significantly increase their score within six months.
After paying the fee and waiting six months, their scores remained the same.
After placing signs all over Nashville that read, "Erase bad credit," the company states that their intention was never to erase bad credit, but instead to remove any errors located on the credit report.
After many complaints and an investigation, the Federal Trade Commission shut down Hargrave and Associates.
However, just a few days later, a new company making the same promises and by the same owner opened.
Kevin Hargrave has opened a new company by the name of BFS. The company is based in Florida, but advertised in Nashville.
Officials said the company is illegal, because it has not posted a required bond.
Experts states that credit-repair companies can never live up to their promises due to the fact it takes more than a few months to repair most credit situations.
The company promised to raise consumers' credit scores substantially for flat fee.
Victims have said the company promised to erase transactions on their credit report which would significantly increase their score within six months.
After paying the fee and waiting six months, their scores remained the same.
After placing signs all over Nashville that read, "Erase bad credit," the company states that their intention was never to erase bad credit, but instead to remove any errors located on the credit report.
After many complaints and an investigation, the Federal Trade Commission shut down Hargrave and Associates.
However, just a few days later, a new company making the same promises and by the same owner opened.
Kevin Hargrave has opened a new company by the name of BFS. The company is based in Florida, but advertised in Nashville.
Officials said the company is illegal, because it has not posted a required bond.
Experts states that credit-repair companies can never live up to their promises due to the fact it takes more than a few months to repair most credit situations.
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