My Credit Specialist Speaks Out on "Misleading" FTC Study

Online, March 30, 2011 (Newswire.com) - My Credit Specialist challenges a recent FTC study which misleads consumers about credit repair companies.

The FTC study was commissioned to study consumer complaints in various industries including telephone services, catalog sales, internet auctions, and credit cards. Each industry was then ranked according to the number of consumer complaints. The number one complaint was identity theft, and the number 10 was credit card companies. Credit repair came in at number eleven, but credit repair was actually only made up 3.7 percent of the whole category which included advance payday loan companies, credit arrangers, recovery/refund companies, and credit card loss protection.

"An integral part of my work day-to-day is compliance. I am proud to state that we have no complaints against our company because we comply with all the laws and insure all of our partners, sales agents, specialists, and informational materials do not mislead consumers or make any false promises," stated Roberto Barca, Director of Operations at My Credit Specialist. He went on to say that grouping credit repair with advanced payday loans and credit card loss protection was like "compiling an obesity study that bundles sugar producers in with candy manufacturers" instead of examining them individually.

Despite the small percentage of actual consumer complaints, credit repair headlines the category titled "Advance-Fee Loans and Credit Protection/Repair." If credit repair complaints were in a category of their own, credit repair would not make the list of the top 30 industries investigated in the study. Credit repair by itself would have less complaints than "Office Supplies and Services," "Magazines and Books, and "Video Games."

Rachel Godfrey who heads up public relations at My Credit Specialist says that the FTC study is misleading at best and outright deceptive at worst. "In their study, the FTC has grouped in credit repair with other companies that have nothing to do with our work," Godfrey said in response to the study. "I am concerned that the people compiling the study tried to discredit companies like My Credit Specialist by making it seem that there are more complaints in our industry than there actually are."

The Consumer Sentinel Data Book for January thru December 2010 can be read in its entirety at www.ftc.gov/sentinel/reports/sentinel-annual-reports/sentinel-cy2010.pdf.

My Credit Specialist is a Manhattan-based credit restoration company. To contact My Credit Specialist, go to www.mycreditspecialist.com or call 1-866-565-6500.