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If your letters were written correctly, are you sure that you got the timing right? Timing can be everything in credit repair, and if you dispute too many items at once you could put the credit bureaus on alert. Your file could get extra attention – and not the good kind. Letters have to be spaced correctly, not too many and not too few, but you might not know what the best timing is to produce the optimal results.

Cost #3: Back to square one... or worse

For some people who are dedicated to doing "home credit repair" and all the work that goes into it, the outcome might be just what they were hoping for – a better credit score. Then there are the many more who are left scratching their heads after all their hard work because months later they still haven't seen an improvement. This means they have to rethink their strategy and start the process from square one. The final category includes the people who are worse off than when they started – those who see their credit scores drop as a result of their efforts.

One common mistake that can result in a huge credit setback occurs when someone attempting to repair his or her own credit inadvertently "re-ages" an account. Making a payment on an old debt that was just about to drop off your credit report can "restart the clock," meaning that the statute of limitations resets itself from the date of last activity (your well intentioned payment). This is one way a negative item that actually didn't contribute much to your low score because of its age could become a "new" item with a big impact.

Credit repair is something you can do yourself, but the real question is whether you should do it by yourself. Credit laws are complicated, and if you don't know what you're doing, trying to repair your credit on your own could leave you in an even bigger credit dilemma than when you began.

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