Credit Repair – The Truth And The Myth

Credit Repair – Fact or fiction?

In this world of television and internet it’s very difficult at times to decipher truth from fiction. Also, due to the speed at which information travels word gets around at an astonishing rate (whether good or bad). One of those subjects that have gotten negative press lately has been the credit repair industry.

You have heard things like, “Start a new credit file today!”, or “Improve your FICO by 300 points!”. But, you have also heard many negative things. Some of them related to those two sayings above. First, I would like to separate fact from fiction.


You can repair your own credit. You can also hire someone to help you repair your credit. But let me explain the difference between the two. First, hiring a specialist could cost you hundreds if not thousands of dollars with “no guarantee” that anything will be fixed. Also, there have been many so-called specialist giving out illegal repair information!

The truth is that many times you will be asked to dispute everything on your credit file as erroneous. Now, 80% of information reported to the three major credit bureaus (Trans Union, Experian, & Equifax) is erroneous information. But, according to the FTC this is fraud, which is against the law.

The truth is you do not need a credit repair company or any specialist within an industry (legal or otherwise) to help you repair your own credit. You have within your hand the ability to self repair your credit. With only a small time investment you can repair your own credit.

Repair Myth

The myth is simple, that you cannot repair your own credit. This has been a myth perpetuated by unethical individuals who have marred the credit repair industry. Are all credit repair specialist like this? No, they are not. Some are very professional, courteous and honest. They do not ask for funds before the repair has taken place and will assist you with your credit repair needs.

However, you can repair your own credit. There have been recorded instances of credit repair companies telling their clients not to go directly to the credit bureaus (when it is your right to do this). It is also your right (according to the FTC) to receive a free annual credit report (of all three major bureaus).

As you can see, there are excellent resources available (directly from the Federal Trade Commission) to assist you in your credit repair needs.

Credit Truth

In conclusion, you have the right to repair your own credit. Repair is not fiction or myth, but truth that can change your life for the better.