A credit repair company can sound like the financial equivalent of a fresh coat of paint: pay a fee, fix the ugly spots, and suddenly everything looks better. But the Federal Trade Commission recently took action against Credit Glory, a network of related companies that the agency accuses of using deceptive promises, illegal fees and misleading enrollment practices while taking nearly $200 million from consumers.
A federal court temporarily halted the operation at the FTC’s request. The case remains pending, so the allegations have not received a final court ruling, but the details offer a useful warning for anyone tempted by a company promising a quick credit-score makeover.
