Do credit repair programs really work?

I came across some programs offered by, ex-bankers, ex-credit bureau agents that offer tactics and software that enable you to repair your credit. They claim to be able to create a new credit file. Anyone know if they work? What happens to your old credit file?

Public Comments

1. Creating a new "credit file" is actually illegal. The best help for your credit report is time. Contact your creditors by mail, and try to work out arrangements. Payments plans, etc. While this is not popular- it costs money and time- it will fix your credit. If all this is not acceptable, wait 7 years. Everything will clear by that time, unless it is a repo or a bankruptcy.
2. Do a search.. This question has been asked many times before The answer is the same They are a scam
3. They are just scams that try to con you out of money. The best thing to do is to just keep making your payments. If you have poor credit you just have to make a payment until your debt is paid off. It's better to get yourself out of debt than it is to file bankruptcy or hire one of these scammers.
4. The way they 'create' a new credit file is typically by creating some variety of fraudulent identity. Then they will take your money and run leaving you with federal charges. A lot of these illegal services can be identified when they ask for money up front which is illegal (see the ftc link). I've found some good information here too... http://debt.123thebest.info/credit_card.html Good Luck.