Parents, if you are wondering whether you should call up that credit repair company that contacted you about repairing your credit history - think again! 

Many advertisements for credit repair programs will promise you all sorts of untrustworthy promises. "Credit problems? No problem" or "Create a new credit identity-legally" are just two of the wide variety of guarantees which can't be fulfilled.  This is just a way for scam companies to try and get as much money as they can out of you – with no result whatsoever. Do yourself a favor and save some money - Don't believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

Credit history can't be altered or erased over night, only a long period of time in which you keep up with your financial obligations will set you on the right path to get credit.  It sounds very tempting to just change your credit history around in a second, but most of these companies, after demanding that you pay them hundreds or thousands of dollars in up-front fees, do nothing to improve your credit report; many simply vanish with your money.

Warnings
If you decide you want to go ahead and try out a credit repair program, there are some precautions you should take to avoid distress:

Companies should explain your legal rights and offer you self help options, if they don't do this you can start questioning its legitimacy.

If they suggest that you should create a new social security number, or they prefer that you don't contact a credit bureau – beware.  Remember that any advice for illegal action you take may bring about prosecution against you.

Finally, if they want you to pay before they have provided any service, you can take that to be a bad sign (which is probably true about many other payments to companies you don't know).  Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the promised services.