The “Consumer Information Bureau” is a credit repair company with a questionable reputation. While some customers have reported positive experiences with CIB, others have complained of misleading advertising, unhelpful services, and damage to their credit scores.
One of the most common complaints against CIB is that they make false or exaggerated promises about their services. For example, CIB has been accused of claiming that they can remove negative items from credit reports quickly and easily, even if those items are accurate and up-to-date.
Consumer Information Bureau Legit
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Here are six important points to consider:
- Mixed customer reviews
- Accusations of false advertising
- Negative impact on credit scores
- Expensive services
- Limited success rate
- BBB accreditation revoked
Overall, it is important to proceed with caution when considering using the services of the Consumer Information Bureau.
Mixed customer reviews
The Consumer Information Bureau has a mixed reputation among consumers. Some customers have reported positive experiences with the company, while others have complained of misleading advertising, unhelpful services, and damage to their credit scores.
One of the most common complaints against CIB is that they make false or exaggerated promises about their services. For example, CIB has been accused of claiming that they can remove negative items from credit reports quickly and easily, even if those items are accurate and up-to-date.
Another common complaint is that CIB’s services are expensive. The company charges a monthly fee for its services, and there is no guarantee that the company will be able to improve your credit score.
Finally, some customers have reported that their credit scores actually declined after using CIB’s services. This is likely because CIB often disputes accurate and up-to-date negative items on credit reports, which can lead to the credit bureaus investigating the disputes and ultimately reaffirming the negative items.
Overall, it is important to proceed with caution when considering using the services of the Consumer Information Bureau. There are many other reputable credit repair companies out there, and it is important to do your research before choosing a company to work with.
Accusations of false advertising
The Consumer Information Bureau has been accused of making false or misleading claims about its services. For example, CIB has claimed that it can:
- Remove negative items from credit reports quickly and easily
- Improve credit scores by 100 points or more
- Get customers approved for loans and credit cards with lower interest rates
However, many customers have reported that CIB’s services did not live up to these promises. In some cases, customers have even reported that their credit scores actually declined after using CIB’s services.
The Federal Trade Commission (FTC) has taken action against CIB for its deceptive advertising practices. In 2014, the FTC filed a complaint against CIB, alleging that the company had made false and misleading claims about its services.
The FTC’s complaint alleged that CIB had promised customers that it could remove negative items from their credit reports, even if those items were accurate and up-to-date. The FTC also alleged that CIB had promised customers that it could improve their credit scores by 100 points or more, even though this was not possible in many cases.
As part of a settlement with the FTC, CIB agreed to stop making these false and misleading claims. CIB also agreed to pay $750,000 in civil penalties.
Negative impact on credit scores
One of the most serious complaints against the Consumer Information Bureau is that its services can actually damage customers’ credit scores. This can happen in a number of ways.
First, CIB often disputes accurate and up-to-date negative items on credit reports. This can lead to the credit bureaus investigating the disputes and ultimately reaffirming the negative items. This can lower your credit score.
Second, CIB may encourage customers to close old credit accounts. This can also lower your credit score, as it reduces the length of your credit history.
Third, CIB may advise customers to stop paying their bills on time. This can lead to late payments being reported on your credit report, which can also lower your credit score.
Overall, it is important to be aware of the potential risks of using the Consumer Information Bureau’s services. If you are considering using CIB’s services, it is important to weigh the potential benefits and risks carefully.
Expensive services
The Consumer Information Bureau’s services are expensive. The company charges a monthly fee for its services, and there is no guarantee that the company will be able to improve your credit score.
- Monthly fee: CIB charges a monthly fee of $79.95 for its services. This fee is automatically deducted from your bank account each month.
- No guarantee of results: CIB does not guarantee that its services will be able to improve your credit score. In fact, the company’s website states that “results may vary.” This means that you could end up paying for CIB’s services without seeing any improvement in your credit score.
- Hidden fees: CIB may charge additional fees for certain services, such as disputing credit report items. These fees are not always disclosed upfront, so you could end up paying more than you expected.
- Cancellation fee: If you cancel your subscription to CIB’s services, you may be charged a cancellation fee. This fee is typically $75.
Overall, it is important to be aware of the costs of using the Consumer Information Bureau’s services before signing up. The company’s services are expensive, and there is no guarantee that you will see any improvement in your credit score.
Limited success rate
The Consumer Information Bureau has a limited success rate. This means that the company is not able to help all of its customers improve their credit scores.
There are a number of reasons why CIB may not be able to help you improve your credit score. For example, CIB may not be able to remove accurate and up-to-date negative items from your credit report. Additionally, CIB may not be able to help you if your credit score is already high.
It is important to be realistic about your expectations when using CIB’s services. The company cannot guarantee that it will be able to improve your credit score. In fact, the company’s website states that “results may vary.” This means that you could end up paying for CIB’s services without seeing any improvement in your credit score.
If you are considering using CIB’s services, it is important to do your research and understand the company’s success rate. You should also be prepared for the possibility that CIB may not be able to help you improve your credit score.
BBB Accreditation Revoked
In 2017, the Better Business Bureau ( BBB ) revoked its accreditation of the Consumer Information Bureau. The BBB cited numerous complaints against CIB, including accusations of false advertising and deceptive practices.
- False advertising: CIB has been accused of making false and misleading claims about its services. For example, CIB has claimed that it can remove negative items from credit reports quickly and easily, even if those items are accurate and up-to-date.
- Deceptive practices: CIB has been accused of using deceptive practices to enroll customers in its services. For example, CIB has been accused of misrepresenting the terms of its contracts and pressuring customers to sign up for its services.
- Unfair business practices: CIB has been accused of engaging in unfair business practices, such as charging excessive fees and failing to provide adequate customer service
- Pattern of complaints: The BBB received a pattern of complaints about CIB over a period of several years. This pattern of complaints led the BBB to revoke its accreditation of CIB.
The revocation of CIB’s BBB accreditation is a serious matter. It is a sign that the BBB has lost confidence in CIB’s business practices.
FAQ
Here are some frequently asked questions about the Consumer Information Bureau:
Question 1: Is the Consumer Information Bureau legit?
Answer: The Consumer Information Bureau is a legitimate company, but it has a mixed reputation. Some customers have reported positive experiences with the company, while others have complained of misleading advertising, unhelpful services, and damage to their credit scores.
Question 2: What services does the Consumer Information Bureau offer?
Answer: The Consumer Information Bureau offers a variety of credit repair services, including:
- Disputing inaccurate or outdated negative items on credit reports
- Negotiating with creditors to reduce debts
- Monitoring credit reports for changes
- Providing credit counseling and education
Question 3: How much does the Consumer Information Bureau charge for its services?
Answer: The Consumer Information Bureau charges a monthly fee for its services. The monthly fee varies depending on the level of service you choose.
Question 4: Does the Consumer Information Bureau guarantee results?
Answer: No, the Consumer Information Bureau does not guarantee results. The company’s website states that “results may vary.” This means that you could end up paying for CIB’s services without seeing any improvement in your credit score.
Question 5: Is the Consumer Information Bureau accredited by the Better Business Bureau?
Answer: No, the Consumer Information Bureau’s BBB accreditation was revoked in 2017.
Question 6: Should I use the Consumer Information Bureau’s services?
Answer: This is a decision that you should make based on your individual circumstances. If you are considering using CIB’s services, it is important to do your research and understand the company’s success rate and reputation.
If you are looking for a reputable credit repair company, there are many other options available. You should compare the services and fees of different companies before making a decision.
In addition to the information provided in the FAQ, here are some additional tips for evaluating credit repair companies:
Tips
Here are some tips for evaluating credit repair companies, including the Consumer Information Bureau:
Tip 1: Do your research.
Before signing up with any credit repair company, it is important to do your research and understand the company’s reputation and success rate. You can read online reviews, check with the Better Business Bureau, and talk to friends or family members who have used credit repair services.
Tip 2: Avoid companies that make unrealistic promises.
Some credit repair companies make unrealistic promises about what they can do for you. For example, they may claim that they can remove all negative items from your credit report, even if those items are accurate and up-to-date. Be wary of any company that makes promises that seem too good to be true.
Tip 3: Get everything in writing.
Before signing up with a credit repair company, be sure to get everything in writing. This includes the terms of the contract, the fees you will be charged, and the services that will be provided.
Tip 4: Monitor your credit report yourself.
Even if you decide to use a credit repair company, it is important to monitor your credit report yourself. This way, you can track your progress and make sure that the credit repair company is doing what they promised.
By following these tips, you can increase your chances of finding a reputable credit repair company that can help you improve your credit score.
If you are considering using the services of the Consumer Information Bureau, it is important to keep these tips in mind. CIB has a mixed reputation, and it is important to do your research before signing up for their services.
Conclusion
The Consumer Information Bureau is a legitimate company, but it has a mixed reputation. Some customers have reported positive experiences with the company, while others have complained of misleading advertising, unhelpful services, and damage to their credit scores.
Here are some of the main points to consider:
- CIB has been accused of making false and misleading claims about its services.
- CIB’s services are expensive, and there is no guarantee of results.
- CIB has a limited success rate.
- CIB’s BBB accreditation was revoked in 2017.
Overall, it is important to proceed with caution when considering using the services of the Consumer Information Bureau. There are many other reputable credit repair companies out there, and it is important to do your research before choosing a company to work with.
If you are considering using CIB’s services, be sure to get everything in writing and monitor your credit report yourself. This way, you can track your progress and make sure that CIB is doing what they promised.