Do yourself a favor and save some money, too. Don't believe these promises. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

Don't let the condition of your credit report or discrimination stop you from gettting the credit that you need and deserve.

Under a federal law called the Fair Credit Reporting Act, you have the right to have erroneous information deleted from your credit report. So if anything is wrong in your credit file, just write the credit bureaus and state your dispute. Errors include closed accounts that are still shown as open, data about accounts you did not open, or negative items, such as bankruptcies or liens, from someone else with a similar name or social security number. The credit bureaus have 30 days to investigate your claims. After that, they must remove any information that is found to be inaccurate or that can no longer be verified.

According to a number of consumers groups in the United States, many credit reports are filled with inaccuracies. The Consumer Federation of America (CFA) and the National Credit Reporting Association (NCRA) once released a landmark study that found that millions of Americans were in jeopardy of being denied credit or unnecessarily paying more for loans because of mistakes in their credit files. The CFA and the NCRA analyzed the credit scores of some 500,000 consumers nationwide. Then they examined dozens of credit files in great detail. Their conclusions were alarming:

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Did you know?

If you need to work on your credit report, the FTC warns that no one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete.

There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA).

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1. Errors of omission and commission were fairly common (Some 200 million Americans have credit files, and the CFA and NCRA believe that millions of those credit files - perhaps as many as 70% - may contain mistakes).2. 78% of credit files were missing an account that was in good standing.3. 33% of files were missing a mortgage account that had never been late.4. If errors in a person's credit report caused her to pay "sub-prime" rates for a mortgage, those mistakes could cost the consumer dearly. Having a credit score below a cut off mark - namely a FICO score of 620 points - meant an individual would pay roughly $124,000 more for a $150,000 fixed-rate, 30-year mortgage.5. 43% of files had conflicting information from Equifax, Experian and TransUnion concerning how many times a customer was 30 days late on a payment.

Many errors in your credit report revolve around the fact that the information listed about you is not complete, it is not updated, or it actually describes someone else. Mistakes in your credit file can happen in any number of ways, but most of them are the result of human error. For instance, you might accidentally give someone the wrong social security number. Or maybe an administrative assistant or salesman read your social security number incorrectly on an application or they typed it in wrong on a computer.

In other cases, errors in your credit file can occur if you apply for credit under different names (i.e. William Johnson, Bill Johnson, etc.) Sometimes family members get their credit histories crisscrossed, as when a Joe Jones Senior finds that his credit file erroneously contains some of Joe Jones Junior's credit information.

No matter how the mistake occurs, errors in your credit report can cost you money. With incorrect information in your credit file, you also run the risk of being denied basic services - like utilities or cell phone service - as well as more crucial things, like getting insurance or a new job.