5 Myths of Credit Repair

5 credit repair myths from CreditRepair.com

5 Myths of Credit Repair

Myth 1: The nature of credit bureaus

Credit bureaus are official, quasi-governmental agencies, and American institutions that work alongside your creditors to keep every adult citizen towing the financial line.

Fact: They are for-profit businesses and have no government affiliation.

Myth 2: Your credit report is reviewed carefully

Fact: Required by federal law to contain information that is fairly reported, 100% accurate, and fully substantiated upon consumer request.

Myth 3: Including a credit statement alongside the baddies on your credit is helpful

Fact: Statement may be viewed as an admission of guilt. Loans are approved or denied based on numbers – the FICO score, and not words. Statements may be viewed as excuses.

Myth 4: Negative items must remain for 7 years

Fact: In the United States, credit reporting is entirely voluntary, with no enforceable minimum time period. If creditors cannot (or would rather not) document FAIR, ACCURATE and SUBSTANTIATED credit reporting, then their credit report data must be removed.

Myth 5: Seeking help in repairing credit is unlawful

Fact: Attorney Generals (AGs) have authority to file a lawsuit under the Fair Credit Reporting Act.

Posted in Credit Repair
Learn how it works

Questions about credit repair?

Chat with an expert: 1-800-255-0263

Facebook Twitter LinkedIn