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Q.Can a Credit Repair Company really improve my credit score?
A.No. According to the Federal Trade Commission (FTC), ads promising debt relief may really be offering bankruptcy. Be on the alert for advertisements that offer quick fixes and avoid them. Similarly, avoid Credit Repair Scams. You see and hear their ads everywhere and they all claim the same thing:
"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!"
Generally, companies claiming they will repair your credit for a fee, cannot do anything for you that you cannot do for yourself. For a helpful brochure about credit clinics, you can read the FTC's brochure titled "Credit Repair: Self Help May Be Best." (.pdf) or you ask the FTC to send you a copy by sending a written written request to:
Federal Trade Commission
Sixth and Pennsylvania Avenues,
N.W., Washington, D.C. 20004
Make sure your letter requests a copy of their brochure titled "Credit Repair: Self Help May Be Best."
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