Released: October 25, 2007

Credit repair claims are usually false

Source: Michelle Singletary, Washington Post

Every day, consumers pay untold sums to companies that promise a quick credit fix. Most of the time, that money is wasted. I understand why these offers might seem enticing. Good credit can get you much better rates for a car or home loan. A bad credit history can leave you stuck with loans carrying high interest rates and other onerous terms. In some cases, bad credit can even cost you a job.

But make no mistake about it: While there are some legitimate credit-repair companies, many of the claims you hear advertised are usually false and a con to get your cash.

On my XM Satellite Radio show, a couple called in recently to ask whether they had done the right thing in signing up with a company that said it could remove negative information from their credit files.

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