| Credit Repair or credit monitoring services such as | | | | and pinpoint areas that can be improved. Most will |
| those offered by TransUnion, Experian, Equifax and | | | | begin by providing you with free credit reports through |
| FreeCreditReport, can help you recognize what needs | | | | the three major reporting agencies (TransUnion, |
| repairing with your credit. However, keep in mind they | | | | Experian and Equifax). Once you view your reports |
| cannot perform miracles, such as magically erasing | | | | you can look for discrepancies and most repair |
| your legitimate debt. | | | | services will help you dispute the claims and remove |
| Sites advertising credit repair offer a variety of | | | | them or have them corrected on your report. They |
| services, such as credit counseling, credit monitoring, | | | | can also advise you on how best to pay off your debt |
| free credit reports and FICO scores, identity theft | | | | and some help you negotiate with debt collectors. |
| services and more. Most people do not even think | | | | Free Credit Repair Services |
| about their credit score till they apply for a line of credit | | | | In the past, you could only request a free report after |
| such as for a home, car or business loan and are | | | | being declined for a line of credit; however, now by |
| rejected. At that point they wonder how to improve | | | | law you can request one free credit report per year |
| their score and often look online for help. | | | | through or by calling 1-877-322-8228. In either case |
| What can a credit repair service NOT do? | | | | they will mail you a form to complete and submit. Once |
| Repair or counseling for credit scores cannot erase or | | | | you receive your report you can dispute claims or |
| relieve you from your legitimate debt. You may see a | | | | inaccuracies with creditors on your own, which takes |
| blurb online or on television that claim to do things like | | | | time, effort and patience, but it is well worth it. |
| "erase your bad debt," "remove bankruptcies," or | | | | If you choose to work with a credit counselor or a |
| "create a new identity," - these are not things on which | | | | credit repair service, make sure they clearly express |
| they can actually deliver. In addition, many of these | | | | to you in writing exactly what they can do for you and |
| services can be rather expensive, which may make | | | | avoid companies that make extreme claims. Also ask |
| your financial situation worse instead of better. | | | | them exactly how much the process will cost and |
| What CAN they do? | | | | how long it will take to achieve your desired results. |
| Legitimate services that advertise rehab of credit can | | | | You will benefit from shopping around. |
| help you get a realistic view of your specific situation | | | | |