Myth: Credit repair companies are always helpful in improving credit scores


Date: November 11, 2015
Filed Under:
Myths & Pitfalls

Myth: Credit repair companies are always helpful in correcting errors and taking other measures to improve a person’s credit score.

Fact: Experts agree that credit repair companies often overpromise, charge high prices, and perform services, such as correcting credit report inaccuracies, that consumers could do themselves by just contacting the lender and the credit bureaus. Federal laws prohibit credit repair companies from charging fees upfront, and consumer advocates agree that consumers should think twice before paying these companies more than several hundred dollars total.

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