Seven Greatest Myths About Your Credit
Myth #1
Credit Bureaus have some kind of governmental authority.
Credit bureaus are private companies who are in the business of selling
credit information. They have no legal authority, however they are
required by law to keep derogatory items on your credit report for 7 to
10 years. They are also required to remove derogatory information after
7 years, or 10 years for bankruptcy.
Myth #2
Bankruptcy information is impossible to remove.
If credit information is incorrectly reported, obsolete, erroneous, misleading,
incomplete, or cannot be verified it has nothing to do with its removal
under the Fair Credit Reporting Act. Once the information is obsolete, past
10 years, it can be removed.
Myth #3
You cannot change the information on your credit report.
The Fair Credit Reporting Act requires that items be removed if they are
not 100% accurate ore cannot be verified in a timely manner.
Myth #4
It is illegal or immoral to change or alter the information on your
credit report.
This is exactly what the Fair Credit Reporting Act is about! The Act makes
it possible for consumers to repair their credit. Congress enacted laws
designed to protect consumers from irreparable harm caused by old or faulty
information at the credit bureau.
Myth #5
Paying off debt that is past due will remove it from the credit bureau
information.
The law requires that the credit bureau keep your information for 7 years,
and while you can't erase true history of non-payment before that time,
you can change repair the damage with new, more positive credit information.
Myth #6
Even if you get a derogatory item removed from your credit report,
it can come up again
If the information is removed legally, under the Fair Credit reporting
Act it cannot legally be placed back on your credit report.
Myth #9
I am not allowed to repair my credit report myself.
This is absolutely false and you can find the information you need to do
it at Credit Repair A To Z http://www.creditrepairatoz.biz
You do not have to live with bad credit if you are ready and disciplined enough
to do it. And it doesn't have to cost thousands of dollars.
That is why it is important to understand how the credit reporting system
works and how it affects you.
Find more information in the Credit Repair Tool Kit .
Get
the Credit Repair Tool Kit >> 
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