I just read an article by Simon Constable over at Thestreet.Com about how some companies are now offering borrowers quick ways to mend their credit scores.

While far from a new industry it is however, a dead industry.

As I read Simon’s article, all I could think was “when is this industry going to get its act together?”

There are several problems with piggybacking which in my opinion make them a bad investment. For starters - it doesn’t work anymore.

Never the less it’s still making news, so it’s still worth talking about.

Fair Isaac’s new scoring model no longer factors authorized user accounts and Transunion’s never did, so the benefit (if any) will be on one bureau only.

Not only that, you‘re usually removed from the account after a month or two, so at the end of the day you could spend thousands of dollars for marginal results that are temporary.

Another bit I noticed in Simon’s article was that Equifax’s spin doctor David Rubinger denies the notion that the bureaus have outdated information on consumer reports.

Are you kidding me?

David, I invite you to come to our office and sift through the entire storage room of credit files we have that are riddled with outdated, inaccurate information.

Here‘s an idea David. Instead of spending millions of dollars telling consumers all credit repair companies are scams, spend the money fixing your system so consumers don’t need them.

TradeLine Solutions' CEO Ted Stearns claims he can get consumers “up to 35 points for $450.00” Are you serious?

Thankfully our readers are smarter then that and know by understanding how credit works 50, 75 or even 100 points is often easy to obtain without spending a dime.

You already know how important your credit is and that’s not going to change anytime soon. The last thing you want to do is experiment with quick fixes and gimmicks. I promise you, credit is about education. It’s about understanding how credit works, and making it work for you.

Take the time to learn it, understand it and manage it and you’ll be so glad you did.

We’ve been in this business a long time and we’ve seen the scams come and go. We’ve seen thousands of credit repair companies pop up and then disappear just as fast.

Then we saw the authorized user racquet pick up momentum and with the exception of a few is dying back down.

Want to know the next credit related racquet you need to be careful of?

Identity Theft Services.

This one scares me because it has all the elements scam artists love. It’s an easier sell then credit repair, it takes less work (which you can do on your own), it’s all over the news and it’s an industry that isn’t as perceived as badly as credit repair.

I’m seeing all the lousy credit repair companies who failed at that, pop up again peddling Identity Theft Services.

FYI. We will be including this in our credit consulting services FREE