1 million people were taken in by credit repair scams. Many of these counselors claim they can get negative information deleted from an individual's credit report, which isn't true, according to an article at Military. com. Those who want to repair their credit before applying for a personal loan should be skeptical if a credit counselor tells them to:Create a new credit identityAvoid speaking to credit bureausPay money upfront to receive helpCredit Repair ChecklistMany people can put together their own credit repair plan. If you have the time and inclination to do so, keep in mind the following steps:Obtain and examine your credit report from the three credit agencies, Equifax, Experian, and TransUnion. Have any errors on your credit reports corrected by contacting the agency and the original lender.
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This strategy involves taking out a new loan and closing old credit accounts after using debt consolidation loan proceeds to pay them off.