‘Credit-repair’ firms pay $2 million to settle complaints of abusive practices

You’ve almost certainly seen or heard pitches for “credit repair” services promising to clean up your credit problems, reduce your debt or even raise your credit scores by 100 points or more.

Come-ons like these can be especially seductive for people seeking to buy a home and apply for a mortgage who have negative items in their credit reports. To qualify for a loan, they’re told, they need to make their credit look better — mainly by neutralizing the bad stuff in their files at the national credit bureaus, whether it’s accurate or not. But mortgage and credit-industry experts warn that repair services can be far more harmful to home buyers than they suspect — and even get them rejected on the spot.

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