With the slowdown of the economy many people have seen their credit get worse. This can affect you in the following ways:

1. Can’t qualify for a loan

2. Can’t qualify to rent an apartment

3. Can’t get good insurance premiums

4. Can’t get a good job

Well, there is something you can do about it. You can fix credit fast if you are willing to get past the myths and put in a little time and effort.

Myth #1: The only way to fix credit fast is to hire a credit repair agency or lawyer.

The Truth: There are benefits for hiring a professional such as a lawyer or credit repair agency, however, if you are willing to put in the time to learn you can produce the same results they can.

Myth #2: Credit repair is illegal.

The Truth: Credit repair is not only legal. It is actually protected by federal laws such as the FCRA and FDCPA. It is illegal, however, to try and fix credit fast by creating a new credit file and/or new identity.

Myth #3: You can only dispute negative items on your credit report if you think they are not yours.

The Truth: There is nothing that prevents you from disputing any negative account on your credit report. Under the Fair Credit Reporting Act, the only information that can remain on your credit report is not what is accurate, but what can be proven as accurate. If it can't be proven and verified then it must be removed. Whether the account is "really" yours or not has no bearing on the consumer reporting agencies responsibility to verify it.

Myth #4: A credit counseling service can help me restore my credit rating.

The Truth: The problem is that the credit counselors usually collect money and fees that are unnecessary and can make your financial recovery more difficult. An article written by Money magazine states: "Creditors typically pay [CCS] a fee equal to 11% of the amount you fork over to pay off your bills." If they are being paid by your creditor then who’s interest are they looking out for? Credit counselors will not help you fix credit fast any may end up making your situation worse.

Myth #5: After a major financial plunge like bankruptcy, foreclosure or repossession, I won’t be able to get credit for 7-10 years.

The Truth: You can start enjoying good credit almost immediately after such an event if you start repairing and rebuilding your credit right away.

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