You see their ads everywhere -- in newspapers, on television and throughout the Internet; and they all say the same thing, they all promise to repair your damaged credit report for a fee. If you know you have bad credit, you may look for services such as these, but beware these companies cannot deliver on their promises to wipe out your bad credit. After you give them hundreds of dollars, you will find out that nothing has changed, and they will disappear with your money. There are some that are reputable and use legal tactics that are also ethical, but you must be careful.

If the negative information in your credit report is accurate, the only thing that will legally remove that information is time. A consumer-reporting agency can report accurate negative information in your credit report for up to seven years, and a bankruptcy for at least ten years.

If the negative information in your credit report is inaccurate, you may be able to dispute it with the consumer-reporting agency. The law allows you to ask for an investigation of any information in your file. You can do this at no charge to you.

Many states have laws concerning credit repair companies. If you feel that you have been victimized by a credit repair scam, law enforcement officials may be able to help you recover the money you lost. Do not be afraid to contact the consumer affairs office, or your states Attorney Generals office. The laws are in place to help you in these situations.