Credit Repair Services - Do They Really Work?

 

You've made some unwise financial decisions, lost your job, or have had medical expenses. You were late with loan or mortgage payments and now your credit rating is bad. You want to repair your credit, but what's the best way to do this? Can you do this on your own, or is a credit repair service a good option?

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A quick Internet search for "credit repair service" yields 13 million results. It is a big business! But what exactly does a credit repair service do? The claims can seem too good to be true. A credit repair service typically asserts that if you need good credit to buy a car or get a mortgage, the service has insider techniques for erasing bad credit. But the sales pitch is very carefully worded. They say they can help resolve questionable items, or clear up inaccuracies, or eliminate costly errors on your credit report. All at a low, affordable fee.

The Federal Trade Commission

Fortunately, at the very top of your Internet search result is a website you can trust: the U.S. Federal Trade Commission. The FTC is blunt: they say that you should save your money because most credit repair services are scams.

Here is what the FTC says about anyone's ability to erase accurate and timely information on your credit report: "It is illegal: No one can remove accurate negative information from your credit report".

The fact is that credit repair services have no more legal rights or abilities than you do. If you want to pay a hefty fee to have a service try to accomplish what you could do yourself, it's your choice. But remember that credit repair services cannot guarantee results.