Many people want to know if the agencies that promise to clean up your credit rating are legitimate. The answer is a resounding no. What these organizations often practice is fraud. They swap your Social Security number or other identifying details with those of someone with cleaner credit or no credit at all to allow you to start from scratch.

Such schemes also rarely work. It’s a harsh fact of life that bankruptcies and other blemishes on your credit report stay there for up to eight years without being erased. What you can do, however, is explain your lapses in good behavior right on your report using the 100-word statement we discussed earlier.

In the U.S., the Federal Trade Commission (FTC) is responsible for enforcing FCRA. The FTC also publishes consumer-related credit brochures where you can obtain additional information on credit reports.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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