Federal Trade Commission
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Looking for some life hacks or advice about managing money? There’s no shortage of online influencers ready to help. But not all advice is good advice (or truthful). And in some cases, what they’re telling you might be more than a bad idea — it might be illegal.
Credit matters. What’s in your credit report can be used to decide things like whether someone will loan you money, give you credit, offer you insurance, rent or sell you a home, or even hire you. If there’s a lot of negative information in your credit report, you also might have to pay more in interest to borrow money.
Some online influencers are telling people they have a fix: file a false identity theft report about a debt they owe. That’s advice not to take. Filing a false identity theft report may leave you worse off — and it’s a crime that could get you a fine, imprisonment, or both.
The truth is, credit repair companies can’t legally remove information from your credit report if it’s accurate and current. But there are things you can do for free to improve your credit. Learn more at ftc.gov/creditrepair.
Not sure what’s in your credit report? All three nationwide credit bureaus (Equifax, Experian, and TransUnion) have permanently extended a program that lets everyone in the U.S. check their credit report from each once a week for free at AnnualCreditReport.com.
That’s in addition to the free copy each nationwide credit bureau is required to give you once every 12 months if you ask for it at AnnualCreditReport.com or by calling 1-877-322-8228.