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Right now you may be met with a lot of people trying to offer you 'credit repair' schemes – be warned and be skeptical of these so called helpful financial products.

Credit repair means financial products that help improve your credit score rather than drag it down; regular, unsecured debt like credit cards are risky and do not improve your financial situation so they are bad for your credit score, but 'credit repair' cards and loans are supposed to actively improve your score.

This is unlikely. Credit repair works by offering the borrower a higher rate on a less flexible product. It is hard to be accepted for, and invariably it's the job of a financial adviser to offer them. Credit repair products are not easy to deal with, and they will not leave you with more money, but they are a long-term plan product.

If you have been offered an instant, no-problems credit repair credit card or credit repair loan it will probably not help your credit. The rate is surely high, but it's an unsecured debt that, in the eyes of the credit reference agencies, doesn't make you a better borrower.

It's very easy to get caught up in gimmicks and promises right now, but they are just that, gimmicks. They may help you in the short term by offering a quick cash fix, but they will only leave you further in debt. They do not consider your other debts and your long-term plans like an adviser would. So ignore the empty promises and talk to a professional about what you can feasibly do to repair your credit and get back on track.

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.