The Federal Credit Repair Organizations (FTC) has recently shut down a company that was claiming to repair credit incredibly fast. If you’re interested in the topic and need to find the most reliable and cheapest credit repair merchant account, keep on reading this article.
Credit Repair Scheme & Credit Repair Merchant Account
Have you heard about the Grand Teton Professionals case? The court has decided to temporarily freeze the company’s assets. The company has allegedly operated a credit repair scheme. The victims paid illegal fees to this company in advance. It was falsely claiming to improve consumers’ credit scores sooner than they might think.
2 of the people being accused have illegally been charged at least $6.2 million from consumers using a credit repair scheme that was far away from being legal. Consumers had to use checks created remotely, which weren’t legal in fact, to pay for the services that the company offered. This was being realized through telemarketing.
In fact, the credit repair process is far away from being simple. Those in need of credit repair should give enough time to the process of credit score improvement. Credit doesn’t change from good to bad overnight: this is a long and gradual process. So, consumers with bad credit should be patient.
Most importantly, those interested in improving their credit scores should take the time to find a reliable credit repair company. As for credit repair merchants, you should also do your best to find a trustworthy merchant services provider that can get you a safe and cheap credit repair merchant account with ease.
FTC Against Fake Credit Repair Schemes
When dealing with companies involved in deceptive tactics, expect to see them operating under different trade names, using misleading deceptive, unrequested emails and text messages. This way, they try to persuade consumers to use their services.
To sum up, the FTC’s earlier complaint was filed a complaint against Grand Teton and related entities. This also referred to their owners in their individual capacities. The mentioned company and individuals are now charged with operating misleading websites, unrequested emails, and text messages.
The defendants gave consumers false promises that they’d quickly improve their credit and help them get rid of any negative item and hard inquiries on their credit reports.
Author Bio: As the FAM account executive, Michael Hollis has funded millions by using credit repair merchant account solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.