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Ask The Experts: Are There Any Legit Credit Repair Companies?

Wednesday, 4 Feb 2009 | 2:58 PM ET

Are there ANY credit repair companies that are legit? I’ve used a couple and both times they have been scams. I obviously won’t do it again but people should be aware if they are all trying to rip you off!! – Daniel, NY

Daniel – you’re right! People should be aware that there is NO such thing as “debt repair” and the services that promise this are not legit. There are only a couple of legitimate things you can do with your debt besides paying it down: You can consolidate your debts into one, fixed-rate (hopefully lower) loan and you can settle your debts though it greatly damages your credit.

To do either, you do not need the services of any company. If you do need help with dealing with your debts and you’re just overwhelmed, stressed and confused, find a non-profit (only!) credit counselor near you through the NFCC.org. They charge a small fee but they are not making a profit off of you – they are really there to help.

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Carmen Wong Ulrich is the host of On The Money