"Erase bad credit," that is what the credit repair ad said, but is it true? The Federal Trade Commission (FTC) says something quite different . . ."Don't be misled by credit repair ads ... Promises to repair or clean up a bad credit file can almost never be kept. "Is there such a thing as legitimate credit repair? Yes there is, but it takes time and financial discipline. It means repairing your credit report: correcting wrongful entries, adding legitimate entries, and careful credit management that complies with the law.