Facts for Consumers - from
The Federal Trade Commission

Credit Repair: Self Help May Be Best

You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:

• “Credit problems? No problem!”
  
• “We can erase your bad credit — 100% guaranteed.”
  
• “Create a new credit identity — legally.”
  
• “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
  

Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

The Scam

Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.

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The Fair Trade Commission is right on with this information. You can do much better, and faster, by doing it yourself. In addition to knowing exactly what is really happening, and right where you are in the process, you won't be making disappointing phone calls to a credit repair service who is sending out standard form letters that the credit bureaus set aside until the 30 day time limit is reached.

They receive hundreds of these form letters every day. Don't believe for a minute that they actually process them right away. They know that most credit repair services bill their customers every month, and are in no particular hurry to get your credit fixed.