MyCredit1st.com
Consult | Rebuild | Restore
10 MYTHS ABOUT YOUR CREDIT
MYTH:
Credit agencies are empowered with some kind of governmental authority.
FACT: Credit agencies have no legal authority at all, they are simply private companies who are in the business of selling credit information.
FACT: Credit agencies have no legal authority at all, they are simply private companies who are in the business of selling credit information.
MYTH:
The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years.
FACT: There is no law that states the credit agencies must report you. Credit agencies are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.
FACT: There is no law that states the credit agencies must report you. Credit agencies are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.
MYTH:
It is impossible to get a bankruptcy off of your credit report.
FACT: Bankruptcies come off just like any other derogatory that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified. Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.
FACT: Bankruptcies come off just like any other derogatory that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified. Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.
MYTH:
The information on your credit report cannot be changed.
FACT: The opposite is true under the Fair Credit Reporting Act; both the federal and various state laws REQUIRE that items be removed if they are not 100% accurate or cannot be verified in a timely manner.
FACT: The opposite is true under the Fair Credit Reporting Act; both the federal and various state laws REQUIRE that items be removed if they are not 100% accurate or cannot be verified in a timely manner.
MYTH:
It is illegal or immoral to have information on your credit report altered or removed.
FACT: Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about. It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives.
FACT: Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about. It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives.
MYTH:
Paying a past due debt removes it from your credit report.
FACT: Just because you pay a old debt does not change or erase the fact that at one time you were not paying on it as you agreed. Can this record be changed? Absolutely!
FACT: Just because you pay a old debt does not change or erase the fact that at one time you were not paying on it as you agreed. Can this record be changed? Absolutely!
MYTH:
Inquires are not derogatory and will not affect your credit standing.
FACT: Anything that erodes your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is not too bad, but any more than that and they begin to tell a story of their own. Any prospective credit grantor will look at your credit report and think that you are desperate for credit.
FACT: Anything that erodes your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is not too bad, but any more than that and they begin to tell a story of their own. Any prospective credit grantor will look at your credit report and think that you are desperate for credit.
MYTH:
If you get a derogatory item removed, it will just come back.
FACT: Not if it is removed legally. When it is removed with cause under the Fair Credit Reporting Act it cannot legally be placed back on your credit report. The same law that required its removal prohibits it from being placed back on.
FACT: Not if it is removed legally. When it is removed with cause under the Fair Credit Reporting Act it cannot legally be placed back on your credit report. The same law that required its removal prohibits it from being placed back on.
MYTH:
The past equals the future.
FACT: This is the biggest myth of all. The concept that once bad, always bad, or at least for 7 years is totally false. Anybody can run into hard times or an emergency situation now and then, but that doesn't automatically mean that they are a poor credit risk for a magical 7 years. The simple truth is, no credit report can predict the future.
FACT: This is the biggest myth of all. The concept that once bad, always bad, or at least for 7 years is totally false. Anybody can run into hard times or an emergency situation now and then, but that doesn't automatically mean that they are a poor credit risk for a magical 7 years. The simple truth is, no credit report can predict the future.
MYTH:
I cannot restore my credit on my own.
FACT: Yes, you can! You can try to do it yourself (just like you can represent yourself as an attorney in a court of law). But you can also allow experienced professionals to educate you and assist you in restoring your credit profile.
FACT: Yes, you can! You can try to do it yourself (just like you can represent yourself as an attorney in a court of law). But you can also allow experienced professionals to educate you and assist you in restoring your credit profile.
YOU CAN RESTORE YOUR CREDIT SCORE!
The Fair Credit Reporting Act gives Americans the right to dispute and/or investigate any item on their credit report.
Inaccurate, erroneous & obsolete items such as late payments , charge-offs, foreclosures, judgments, repossessions, bankruptcies, tax liens, collections, short sales, medical bills, and many other items can be removed from your credit file or can be updated to reflect paid as agreed.
SIGN UP NOW!