Credit Reports Are Important

Credit reports are important to consumers when financial assistance is needed. A good credit score indicates to a lender that you are reliable and responsible, which makes it easier to obtain a loan. A good credit score will also make it easier to qualify for a credit card, save on interest and get better insurance discounts, to name a few. When a report has a low score you might be able to improve it, but do it with caution. Michelle Reinen (rye-nun) is with The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP).

Credit repair scammers might even offer you a service that you can also receive from a reliable source.

Michelle Reinen advises what to look out for.

Credit repair companies must explain your legal rights in a written contract that details the services they perform, the cost you’ll pay, any results they guarantee, how long it will take to get them, and your three-day right to cancel. Anything a credit repair company can do legally, you can often do yourself for little or no cost. If you are a victim of a credit repair scam, or any scam, you can contact DATCP’s Consumer Protection Hotline by phone at 1-800-422-7128 or by email at DATCPHotline@wi.gov.