In times of economic uncertainty like the current recession, many people have seen a decrease in their credit scores.
Many may be seriously considering repairing their credit as a means to increase their scores so that they can get loans for major purchases.
Repairing a negative credit history is possible and as a consumer you actually have a right to dispute and question items appearing on your credit report.
Lately however, there seems to be quite a few credit repair solutions that are being advertised on the Internet and other places.
With all of the problems that people have experienced, businesses are cropping up everywhere all with the promise that they can help you fix your credit.
Some of the claims are rather bold, as they are promising that you will see substantial increases in your score within a short period of time.
Many of these companies have just cropped up in the past year or so when the opportunity to capitalize on the current recession arose.
These companies do not have the same type of expertise and experience that a business that or law firm that has been doing credit repair for years has.
If you are looking for credit repair you need to check for experience, expertise and knowledge.
There are also many options that you can purchase that claim to allow you to do-it-yourself.
There are kits, training manuals and other options that claim to teach you how you can repair your credit on your own.
The fact is that you can do everything a professional can do on your own, however, you may not be as successful because you probably do not possess the same level of knowledge and expertise that a seasoned credit repair law firm has.
Also, the time and energy it takes may detract from any savings you might have incurred.
Credit repair is something that you have a right to pursue under the Fair Credit Reporting Act.
However, there are legal and illegal ways to repair your credit and you need to complete your due diligence as you are searching out credit repair solutions to make sure that what you are getting is legal and to make sure that you are getting the best solution for your situation considering the money it will cost you.
First off, you should be able to get an initial consultation for free.
They should be able to explain your legal rights and what you can expect right up front.
However, be wary of excessive promises.
Credit repair is not an exact science, you and the provider can complete some actions that should lead to credit repair but there are no absolute guarantees regarding the success of the efforts or the time it will take.
You should be able to designate which items you would like to have disputed on your report.
All of the good and positive credit should remain on your report.
Make sure that only the erroneous and negative items are removed.
Also be aware that it is against the law to create any type of new identity by applying for an Employer Identification number to use instead of your own Social Security number.
You can do things to repair your own credit but you cannot legally erase or hide from your credit history.
There are laws that regulate the credit repair industry.
The Credit Repair Organizations Act or the CROA was established in 1996 to protect consumers from deceptive and unfair practices in the industry.
However, the smart thing to do is to complete your own due diligence and search out a first-rate, experienced and dependable credit repair law firm.