The media is replete with offers to repair your credit, improve your credit score and make borrowing for a home, a car or other consumer products easy. The approach is the same and sounds something like this:
“Credit problems? No problem!”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
“We can erase your bad credit — 100% guaranteed.”
“Create a new credit identity — legally.”
Check out the federal consumer departments at the FTC,HUD or the Federal Reserve to find out more about these so-called credit repair programs. They are among the most predatory scams preying on those who are already in or near financial difficulty.
Lawyers at the nation’s consumer protection agency say the fact is there’s no quick fix for creditworthiness. To improve your credit report legitimately takes time, a conscious effort, and sticking to a personal debt repayment plan.
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