Is it also strange, and rather unusual, that a US Federal Department has taken the time to warn people off using such credit repair companies, quoting that 'there is nothing that these credit repair companies can do that the individual can not do for themselves...' So, are these new breed of companies all just scams, like the Feds tell us they are, or are they actually playing a very worthwhile role in society...

Let's just take a look for a minute at what these credit repair companies purport to set out to do for you.

By repairing your credit files, removing irrelevant, or in many cases, incorrect, information from your credit file, your chances of getting more credit, or indeed, the rate you pay for credit in terms of inflated interest charges, can be greatly altered by making sure that only relevant, or correct and up to date information is stored there. This can actually save you thousands of dollars, not to mention the heartache of getting turned down for credit.

Of course, in the case of identity fraud, or more blatant criminally fraudulent activities against you, this can have devastating effects on your whole existence in this credit dependant society we live in.

These sorts of issues have to be resolved quickly, or your whole life and lifestyle can be blighted.But why is there so much negative press against these credi t repair companies, and especially from US Government departments?

And why this great crusade to inform you that there is nothing that credit repair companies can do that you can not do yourself?

Whatever service industry you like to chose, there are rogues in every case. You only have to look at the building trade, or the motor industry, to see examples of people being ripped off left right and center.

But again, in this internet-enlightened age, you can get any information that you like on how to build an extension to your home, or to take the engine out of your car.

Do you want to learn a new trade, build a wall, or struggle to take the engine out of your car?

Heck, no - you would call in an expert of course. And to avoid being 'ripped off' you would make sure that the organisation that you called was either personally recommended, or had proven credentials and a proven track record.

Well, what's the difference with getting your credit file repaired? You may know how to do it, like taking out your car engine, but with such an important outcome at stake, why do it yourself?

I have conducted a survey of credit repair companies over the last few months, and have seen 'Do It Yourself' solutions to help you repair your own credit files from as little as $50 a package.

My advice - and I am doing this myself, having been caught up in one of the biggest property frauds to hit the headlines - is to get some credit repair company names, and pass them on to your financial advisor, or your trusted accountant for them to use the system ( if they don't already know how to do it!).

It may cost you more than 50 bucks to get your credit repaired, but think of the peace of mind you will get in return...