If you think consumers are filing countless complaints against credit repair scams, you’d be mistaken. According to the Federal Trade Commission’s 2011 Sentinel report, credit repair complaints make up no more than 3% of the complaints to the FTC, the FBI’s Internet Crime Complaint Center, the Better Business Bureau, the US Postal Service, the Canadian Anti-Fraud Centre and several state agencies.
And even for that report, credit repair was lumped together with advance fee loan scams and credit card balance protection services. An advance fee loan scam is a promise of a loan or credit card that requires you to pay a fee in advance. Credit card balance protection is quasi-insurance that purports to pay your credit card balance if you lose your income. Point being, the 3% of complaints isn’t all credit repair specific considering with it’s being paired with.
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