Urban myths- We hear them all the time. Some that come to mind: alligators living in the sewers…mixing the candy Pop Rocks with soda pop will make you explode…and credit repair companies can instantly solve credit problems.Most of the myths are harmless fun; but when it comes to your credit, you could lose money and break the law if you don’t know the truth.Some credit repair companies make promises about turning bad credit into good credit. And while it may sound enticing, don’t be fooled. Truth is, nobody can legally remove accurate and timely information from your credit report. You should be skeptical of any company that claims they can do a quick fix to your credit.In fact, the Federal Trade Commission (FTC) is continuing its crack down on credit repair schemes. Eileen Harrington, Deputy Director of the FTC’s Bureau of Consumer Protection, is part of the project. “There is absolutely no reason to pay for credit repair,” Harrington said. “Despite their claims, there is nothing that any credit repair firm can do for you for a fee that you cannot do for yourself at little or no cost.”So, what can you do if you want to improve your credit? […]

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