There is no legitimate way to fix bad credit quickly, and credit-repair companies that claim they can do so are likely scamming consumers, notes the Federal Trade Commission. Consumers who wish to repair their credit must take the time and effort to develop, and stick to, debt repayment plans.
In addition to claiming they can repair credit quickly, credit-repair companies may also claim that they can remove information from credit files forever and help consumers create new identities with clean credit histories, states the FTC. Legitimate companies do not make these claims, and those that do may be in violation of the Credit Repair Organization Act. This act requires, in part, that credit-repair companies disclose to customers how long it takes to get results.
People who want to fix their credit can employ the services of legitimate credit-counseling services, though these companies often charge fees, notes the FTC. Credit-counseling companies offer advice on money management, help debtors develop budgets and offer free educational materials and workshops. The U.S. Department of Justice has a tool on its website to locate government-approved credit-counseling organizations. A person who believes a credit repair organization has misled him with false claims regarding quick credit repair should contact his local consumers affairs office, state attorney general or the Federal Trade Commission.