Credit Report Secrets

It's no secret that the credit repair industry is fraught with BAD information.

You can read 1 "truth" here…..and find another variation of that same "truth" a single mouse-click away.

Information overwhelm….or more specifically, BAD information overwhelm, is one of the biggest reasons so many people are so confused about what credit repair is, how it's done, what IS possible…..and what is not.

I'm going to share 2 simple myths about your credit, who tells them and why, and give you the straight scoop you need to empower yourself to improve your situation, whatever it looks like today.

Credit Myth #1:  (told by the credit bureaus, the credit lobby, and unfortunately…..often by the credit news media as well)

The ONLY way to remove bad credit from your file is time.  (more specifically, 7 years)

This is 100% UNTRUE.  It's also the reason so many good people suffer with BAD credit for far longer than they need to.

The truth is, you can CHALLENGE, dispute and deny anything on your credit file that you believe is factually NOT 100% accurate.

Period.

End of story.

Even if you have an account that you KNOW you didn't pay responsibly on, if the information in your report is not 100% accurate (with the emphasis on one hundred percent!) you DO have the right to insist it's investigated by the reporting agency, and either fix it, or remove it from your report completely.  (most are removed, and not "fixed", due to a non response by the original creditor during the investigation)

Credit Myth #2:  Paying an old bill off is GOOD for your credit.

This is crazy, but actually is the complete OPPOSITE.  All credit reporting works on "time".  The date of your original delinquency is usually the start of the 7 years a negative item is allowed to remain on your file.  If you pay off something TODAY, that was late in 2005, many reporting agencies will RE-START the bad credit clock, based on the date of the last activity.  (which means you've got 7 more years of having that negative item on your file, beginning on when you paid OFF the old account)

Of course you CAN pay off old accounts and not have this happen.  You just need to know the law, know what to say, know what to get in writing before you do, and know what action to take IF they ignore the law as well.

In: Credit Repair Tips Asked By: admin [22 ]