6. Can “credit repair” clinics fix my bad credit?

Some consumers pay so-called credit repair clinics hundreds or even thousands of dollars to “fix” their credit report, but only time can repair bad credit.

Experian credit reports contain easy-to-follow instructions for disputing information at no charge. Inaccurate information will be changed or deleted. Federal law mandates the time periods that accurate negative information remains on a credit report.

The law also requires credit repair clinics to explain your rights under the Fair Credit Reporting Act and how those rights enable you to do for free what the clinic is going to do for a fee. The clinic must provide a written contract explaining the services it will provide and cannot request any payment until all the services have been fully delivered. You can withdraw from the contract within three business days.

It is illegal for the clinic to ask or suggest that you mislead credit reporting companies about your creditworthiness or credit standing or alter your identity to change your credit history.