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Beware of Easy Credit Fixes

Beware of credit repair companies that "guarantee" they can remove late payments, bankruptcies, and other negative information from your credit report. Only the information furnisher who first placed the collection or late payment account on your report can effect the account. Another red flag is the suggestion to create a "new" credit report or identity by applying for an Employer Identification Number (EIN). An EIN is used primarily by businesses. And most importantly obtaining an EIN under false pretenses is a crime!

Don't fall for illegitimate offers. If you want to improve your credit the right way, contact a reputable source for credit related information, education, or counseling. As well as the Better Business Bureau, the Federal Trade Commission and Federal Deposition Insurance Corporation both offer helpful facts for consumers on credit reports and credit scores.

If you think you need credit report counseling, check the agency's record with the Better Business Bureau. Find out if the agency is a member of the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies. Agencies that are members of these organizations must adhere to strict standards of professionalism and accreditation and use only certified credit counselors.

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