Quick fixes: Beware of companies or services that promise to fix your credit quickly. They can be dishonest and expensive. No one can speed up the process. The only solution for credit problems is to get out of them by paying off your debt on time.
Debt “restructuring”: Never sign a contract or other “credit payment plan agreement” except with a reliable counseling service, such as a nonprofit. Be careful about agreeing to “debt restructuring plans” as their plans may lower your monthly payments but they’ll extend the length of time it will take to pay off all of your debts. Your total debt amount can grow from additional finance charges. Many people get deeper into debt after restructuring because they didn’t understand the terms of the debt consolidation agreement.
Credit Fraud: Do not work with any company that offers to change your Social Security number to get a new credit identity. Changing your Social Security number to avoid debt is fraud and a federal crime. A company that suggests that is performing an illegal activity and you could be arrested for following the company’s advice. If a company offers to change your Social Security number, report it to the Federal Trade Commission and local consumer agencies.