Lucy Lazarony

Editorial Disclosure: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.”

Credit repair companies promise to remove negative information from your credit report. Here’s 10 things to know about credit repair.

1) Credit repair companies want to help repair your credit

Got damaged or bad credit? A credit repair company wants to clean up your credit by removing negative information from your credit report.

2) Credit repair companies charge fees

You may get help from a credit repair company in fixing your credit file but there will be fees, some of them large.

3) You can do your own credit repair

There is nothing a credit repair company can do for you that you can’t do for yourself. Is there a mistake on your credit report weighing down your credit score? You can remove the information for free all on your own.

4) Negative but accurate information can’t be wiped off a credit report

Is all the negative information on your credit report the truth? Did you do all the spending and all the paying late? You won’t be able to remove this negative information before it is scheduled to fall off your credit report by the credit bureaus. Most negative information stays on your credit report for seven years and a bankruptcy stays for up to 10 years.

5) Credit Repair Organizations Act protects your rights

The Credit Repair Organizations Act requires credit repair companies to detail in a contract the services they will perform. You also have a three-day right to cancel the credit repair services without charge. The law also requires the credit repair companies to explain the total cost you will pay, the company’s guarantees and just how long it will take to see results.

6) Shop around for the best deal

There are many online credit repair companies that want your business. What is the company offering to repair? What are the fees? Weigh the pros and cons of each credit repair company carefully.

7) Watch out for scams

A company promising to remove negative but accurate credit information from your credit file is.

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“Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.”

Advertiser Disclosure: Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.

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