We&39;ve received some really great questions over the last week. It seems like lot of people are trying to refinance their mortgages and working on improving their credit. Here&39;s one great example from a reader named Harlan:

Why is it that everyone my wife and I talk to says they can get all the inquiries and negative records off our credit reports but it never gets done?

Hmmm...what is a nice way to say that the people Harlan has talked to are liars?  It&39;s tough to put lipstick on that pig! Credit repair offices love to advertise that they can remove accurate negative information from your credit reports. But the reality is that there is no legal or effective way to remove accurate credit report information.

Under the Fair Credit Reporting Act, negative records each have a set expiration date. Inquiries remain on your credit report for two years, collection accounts for seven, late payments for seven, bankruptcy for ten, etc. These records cannot be removed before their expiration date by law unless they are inaccurate. If inaccurate or past their expiration date, consumers have a right to dispute records with the credit bureaus.

Credit repair companies try to "outsmart" this system by sending dispute letters to the credit bureaus on your behalf for records that are accurate. There are very few legitimate credit repair agencies out there. Most are only interested in getting your money and tip-toeing around the law. Best case scenario with credit repair, you&39;ll lose some money. Worst case scenario, you could unknowingly commit a federal crime and end up in a bunch of trouble.

I think the FTC does a particularly good job of explaining the problems with credit repair and ways to work on your credit safely.  Remember, the best way to improve your credit is on your own for free.