What can the credit repair companies do to fix my bad credit?

The credit repair companies cannot legally do anything to fix your bad credit that you cannot do yourself. Most credit repair programs include assistance in acquiring credit reports, dealing with the credit bureaus and creditors. As well as advice to improve your overall credit scores. In addition, many credit repair companies now offer credit monitoring services.

What is credit monitoring and will it fix my bad credit?

Credit monitoring is a service offered by many companies including Fair Isaac, the creators of the FICO credit scoring process. According to the Federal Trade Commission, credit monitoring may be worthwhile depending on the services that are being offered. It is wise to compare the services offered by the different companies as well as the price charged. Credit monitoring can alert you to possible cases of identity theft. Credit monitoring will not fix bad credit, but attempts to help consumers protect their credit status.

Will applying for a secured credit card fix my bad credit?

Secured credit cards are an option for anyone of any credit status. They require that you make a deposit into a savings account, which earns interest just like any other savings account. Your credit limit is equivalent to the balance in your savings account, minus any fees owed. Otherwise, they work just like a regular credit card. They are very similar to prepaid credit cards, except that they do report account activity to one or more of the major credit bureaus. Some companies which offer secured credit cards offer other services, like credit monitoring, for an additional fee. The idea behind secured credit cards is to help people with no credit history or bad credit histories establish a record of good credit handling.

Will applying for an EIN fix my bad credit?

This was a suggestion made by some credit repair services that is now prohibited by the Federal Trade Commission. An EIN or employer identification number is a number used by the IRS to identify a business. Those who do not own businesses are not eligible to apply for an EIN.

What can I do to fix my bad credit?

You can review your credit reports for inaccurate, obsolete or unverifiable information. You can ask the credit bureaus to correct the information. You can ask creditors to remove records of late payments or other negative credit history, when you have corrected the problem. You can hire a credit repair lawyer to help you or you can read a book about credit repair at the local public library. You can find sample copies of dispute letters on line at Credit Fix Solutions as well as other suggestions for do-it-yourself credit repair.

Can I really fix my bad credit?

The short answer is