Best Credit Repair Services - Do They Really Work?

Best Credit Repair Services - Do They Really Work?
by Leona Allen

The best credit repair services set realistic expectations, while taking much of the drudgery out of fixing your credit score. While none of them can perform magic, the best credit repair services can help improve your credit score.

There are hundreds of credit repair services advertising today, but the Federal Trade Commission considers most of them to be scams. Companies that claim they can help you erase bad credit, or offer guarantees to raise your credit score, are probably scams.

According to the FTC, it is not possible to legally remove accurate and timely negative information from a credit report. Suggesting that you dispute all negative entries on your credit report, for instance, is illegal.

The best credit repair services will not try to charge you to get your credit reports. By law, everyone is entitled to a free credit report from each of the three credit-reporting agencies (TransUnion, Experian, and Equifax) once every twelve months.

Most, if not all of the things these companies will do for you are things you can do yourself, but it may be very helpful for those who may not be aware of what their options are. Doing some of the work on your own might actually lower their fees, or of course you can simply do it all yourself instead.

One thing to keep in mind is the difference between credit repair services and "debt consolidators". A debt consolidators will help to get your arms around your outstanding debt; they don't try to fix your credit. In many cases, this might be a preferable alternative, particularly as a first step in improving your credit standing.

This is done by contacting your creditors on your behalf, and negotiating a 'settlement' agreement, often a fraction of the actual outstanding debt. Then they combine these amounts. You in turn pay a single amount each month to the company, who then sends a portion to each creditor.

Even the best credit repair services can't help those who aren't willing to help themselves. They won't offer you the same sort of "bailout" that erases bad debt like a bankruptcy filing does. What they can accomplish, however is to help set you on the right path towards improving your credit score, which in turn will improve your financial future.

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