The promise of credit repair outfits is an alluring one -- they say they'll remove bad credit marks from your record for a price. But what's the real deal?

In a recent Consumer Federation of America survey, more than half of all respondents thought credit repair firms were a legitimate way to improve a credit score. In reality, nothing could be further from the truth.

What these firms typically do -- and this was very common last decade -- is use a technique to temporarily raise your score by a significant number of points for just a few weeks before it plummets back down again. But the credit bureaus have gotten wise to this technique over the years.

Anyone who says they can magically eliminate bad items on your credit report is telling you a big lie. Keep your money in your own pocket and don't give it to them for their supposed "services"! Better yet, use it to pay the debts you owe and that will improve your credit score on its own.

Know that there is no magic wand for credit repair. The single best way to boost your score yourself on the cheap? Pay each and every bill on time. This accounts for 35% of your credit score. It's the largest single component of your overall score.