A credit repair company based in Colorado and its chief executive officer agreed to settle the complaint filed by the Federal Trade Commission (FTC) for violating consumer protection laws.
According to FTC, BoostMyScore also doing business as BMS, Inc and its Founder and CEO William Airy violated the FTC Act, the Credit Repair Organizations Act (CROA) and the Telemarketing Sales Rule (TSR) by engaging in deceptive business practices.
BoostMyScore allegedly claimed credit piggybacking is legal
In the complaint, the Commission alleged that the defendants misled consumers with an unwarranted promise that they would help “drastically and immediately” improve their credit scores. The defendants also promised consumers that would help them increase their access to mortgages with lower rates.
BoostMyScore and Airy allegedly claimed in their website, telemarketing calls and elsewhere that credit piggybacking will result in positive payment history.
Piggybacking is a practice in which a consumer pays to be listed on another person’s well-maintained credit account. The consumer will not have access to the account, but will apparently benefit from the other person’s good credit history.
