Do not fall for credit repair scams that promise to erase the negative information. Sometimes, the best way to fix a problem is to start over, hit the reset button, and control- alt-delete the problem.
Unfortunately, there is no reset button on your credit history. It is, after all, your history. The closest thing to a reset is filing bankruptcy. Bankruptcy can remain on your credit report for 10 years, so if you use this option, it is very important that as soon as your discharge is entered by the court that you start new credit information flowing in to push the bankruptcy down in your credit history.
The reason credit bureaus are in business is to help lenders make good business decisions based on a borrower’s credit history. If you could simply erase your history and start over, it would be a waste of money for lenders to pay the credit bureaus. According to credit.com that does not stop people from trying.
“Credit repair scams attempt to create new reports using altered identities,” wrote Rod Griffin, director of public education for the credit bureau Experian, in an email to Credit.com. “Doing so is fraud and can result in legal action against the credit repair firm and the consumer.”
If you are engaged in a bankruptcy filing, ask your attorney for advice on how to begin repairing your credit as soon as possible after your debts are discharged.