Credit Repair - The Myths

A simple search on any internet search engine with the words "Credit repair" will return hundreds of thousands of results. That number alone will tell you about the immense magnitude to which information about credit repair is available. The difficult thing about sifting through so much information is trying to decide which information is veracious because in this new age of digital democracy, the proliferation of the Internet has resulted in an exponential increase in online citizenship where everyone can share their thoughts. The problem is, some people have no clue what they are talking about but sound like they do, while others are genuinely misinformed and provide completely wrong information. This extends to information about credit repair online as well and so I hope below I will be able to debunk some of the common myths about credit repair and set your mind at ease once and for all.

Myth 1: All online credit repair companies are scams

The key word in this sentence that makes this statement false is the word "all". While it is certainly true to a large extent that around eight or nine out of ten online credit repair companies are as good as fraudsters, that does not make all online credit repair companies scams. In fact, there are a few that are actually reputable and trustworthy; the key is to sift through the many diverse companies and to find one that is able to deliver the results to suit your needs.

Myth 2: All negative entries in the credit report should be removed

While it may sound intuitive to remove all negative entries in your credit report to improve your credit score, the truth is that this is not always necessarily the case. This is because other factors come into play when determining your credit score and one of these factors is the history time-span that each entry dates back to. Thus removing a negative account from a few years back might actually be detrimental to your credit repair efforts.

Myth 3: All negative entries in the credit report that are verifiable cannot be deleted

Again, the key word in this sentence is the word "all". There is a Federal Trade Commission law that states that any disputed entry in the credit report that cannot be verified by the credit bureau within 30 days must be removed. If you have any doubts or suspicions about the accuracy of any of the entries in your credit report, it would be to your advantage to dispute it with the credit bureau and send in a request for inquiry. This puts the pressure on the credit bureau to verify your disputed entries, and as such if they are unable to do a complete verification by the deadline, this benefits you in the sense that negative entries that should be counted against you could be in reality be removed. Thus it is a myth that ALL verifiable negative entries in the credit report cannot be deleted; only the ones that can meet the verification deadline cannot be deleted. This is important to note as you undertake credit repair.


0 komentar: