1. The biggest myth of all. Cleaning up my credit will take at least 1 or 2 years or more.I have always believed that improving my credit score and cleaning up my credit report will take some years. A number of years must pass before I see some improvements in my credit report.
The truth is that real and lasting Credit Repair is not an overnight miracle nor is it a multi-year process.
With the right info at their disposal, most people can repair their credit reports, dramatically, within about 6 months or less.
There are a collection of highly recommended books on the market which are considered to be the best of the best books about do-it-yourself credit repair. The top 10 most useful books about do-it-yourself credit repair are very controversial and very informative books that anyone can use to re-establish their creditworthiness within months.
While there are a vast number of ways Professional Credit Repair Services can help you improve your credit score, always remember that YOU can do alot of the same exact things (that Professional Credit Repair Services can do for you) to restore your credit, yourself. You can do all of these same things to fix your credit, yourself.
Do-it yourself credit repair is becoming the hot new thing in America. Join thousands of individual consumers who use The Amended Fair Credit Reporting Acts to their advantage to restore their credit themselves within months.
2. I am divorced from my husband or wife so his or her unpaid debts is no longer my concern. If your name appears on the original credit application(s) that you and your husband/wife submitted with your creditor(s) then that unpaid debt is still your debt. That joint account debt will still pop up inside your individual credit report regardless of your divorce status.
3. The negative information inside my credit report is written in blood. There is nothing that I can do to change the info inside my credit report.
The Amended Fair credit reporting acts are Federal Laws which gives individual consumers the legal right to challenge any item on their credit report. The ability of individual consumers to challenge the accuracy of their credit reports and have unverified (disputed) info removed from their credit reports, after 30 days, is the cornerstone of do-it-yourself credit repair and credit repair specialists. Always remember to consult your local Better Business Bureau before you spend hundreds of dollars of your "hard-earned" money with any Professional Credit Repair Agency to help you restore your credit.
4. I pay all of my bills on time every single month so there is no reason why I need to check my credit report.According to the Federal Trade Commission, Identity theft Statistics show that over 70% of our credit reports contains very serious errors that might cause individual consumers to be denied low interest financing, credit cards, car loans and even mortgages.
Keep in mind that people with good credit are becoming the most common victims of Identity theft according to Identity theft Statistics.
Odds will NOT be in your favor to continue to ignore the data contained inside your credit reports. Did you know that you can make very subtle corrections or updates to your credit file which could transform your good credit into excellent A-1 credit!!!
5. They will look at my income level and they will APPROVE my credit application because of my high salary. An impressive salary does you absolutely NO good if you have high debts to go along with your attractive paychecks. Salary plays a big role in your creditors being able to determine your capacity to make the monthly payments but your creditors could still DECLINE your credit application if they consider you to be a high credit risk.
Your creditors compare your assets vs. your debt in what is referred to as your debt/equity ratio. Your income level plays a very minimum role in determining your credit score.
6. Viewing all of my credit reports will hurt my credit scoreWRONG! Most people get confused about the difference between hard credit report inquiries and soft credit report inquiries. Anytime you or your creditors take a look at your credit report, it is considered by the 3 Major Credit Reporting Agencies as being a credit report inquiry. There are two types of inquiries which are classified as being soft inquiries or hard inquiries.Soft inquiries will NOT harm your credit profile. Whenever you contact the 3 major credit reporting agencies to get a free copy or you pay for a copy of your credit report then this request is defined by the Credit Bureaus as being soft inquiries.
A high number of soft inquiries inside your credit report WILL NOT affect your credit scores!!
Whenever you fill out a credit application and you apply for credit with a creditor and the creditor pulls your credit report then this is defined (by the 3 Major Credit Reporting Agencies) as being a hard inquiry. A high number of hard inquiries, on the other hand, will hurt your credit score, severely! You should never have no more than 3 hard inquiries inside your credit report in 1 year.
7. Paying off a past-due or delinquent account will remove that negative item from my credit reportPaying off a past-due or delinquent account only means that the credit bureaus will update that account with a zero balance. In most cases, it may take a minor miracle for the credit bureaus to post on your credit report that your past-due or delinquent account has a new zero balance. Removing negative items from your credit report and making sure that your credit report is updated and accurate requires a great deal of diligence and determination on your part to get it done!
8. There is one unified credit score that all of my creditors and lenders use to determine my credit worthiness.This is NOT true. Your creditors as well as the 3 Major Credit Bureaus will access all types of credit reports about you to detemine whether you are a high or low credit risk. Various creditors will also use different formulas to calculate your credit worthiness based on different aspects of your credit reports as well as the information you submitted inside your credit application. To say that all of your creditors or lenders use one universal formula or one universal credit report to determine your credit worthiness would simply be INCORRECT!
9. Miscellaneous debts such as unpaid utlity bill accounts, unpaid traffic tickets or unpaid Library Fines will NOT show up inside my credit report. Back in the good ole days this used to be a true fact. Today, any creditor whose unable to collect a debt from you, can and will, turn your account over to a debt collection agency.
Debt Collection Agencies are very aggressive in reporting your unpaid accounts to the 3 Major Credit Bureaus. This will result in your misc. debt popping up inside your credit report. Some states, however, will NOT allow an unpaid account of under $25 or $50 to be reported to the 3 major credit reporting agencies. It is always a good idea to refer to the consumer credit laws related to debt collectors inside your particular state.
10. My impressive six figure salary is used in determining my credit scoreYou can have impressive paychecks and still be considered a high "credit risk" to your creditors. Your creditors compare your assets vs. your debt in what is referred to as your debt/equity ratio. Your income level plays a very minimum role in determining your credit score.
Your debt/equity ratio, on the other hand, is one of the most important factors in determining whether or not you are labeled as being a high credit risk or a low credit risk.
11. My credit is terrible which means that I will never qualify for any type of Loan.Did you know that even a small increase in your credit score could mean the difference between you getting approved for a credit application or paying hundreds of extra dollars on your mortgage during the year or saving hundreds of dollars on your mortgage during the year.
Did you know that you can make very subtle corrections or small updates to your credit file which could increase your credit score dramatically!!! Having the right info at your disposal means everything in terms of credit repair.
Check out our Top 10 most useful Books about do-it-yourself Credit repair
12. The only thing that Credit Repair Specialists are able to do is show you how to dispute your credit report over and over and over. Continuous disputing of your credit report is the "one-trick pony" technique that only amateurs and inexperienced Credit Repair Agencies use to improve your credit reports. This is certainly NOT true for all Credit Repair Specialists. There are a great number of very professional credit repair agencies on the market who can help you restore your credit within months.
Only the Amateur Credit Repair companies (who pop up on every street corner) use the one and only primitive technique of disputing your credit report over and over. Total Credit restoration involves more than just removing negative stuff from your credit report. Do your research and find yourself a professional who offers a complete credit restoration service.
Before you spend your hard earned money with any Credit Repair Guy, always get their name and their contact info and forward that info to the Better Business Bureau for a history of complaints against that company. If that particular Credit Repair Agency is a shady company then the Better Business Bureau will most likely have documents of negative complaints against that particular credit repair agency. The Better Business Bureau is your key to investigating any type of company in any industry.
13. If I am late paying my bills or credit cards then those late payments will NOT hurt my credit score that much. No. No. No. Paying your bills late will destroy your credit score quicker than almost anything. Did you know that if you make one single late payment to your creditor then that late payment could drop your credit score up to 50 points. Most people will spend nearly 24 months trying to erase the damage cause to their credit score by one late payment.
Find out how you can erase late payments from your credit report and old accounts with zero balances from your credit report
14. There is nothing wrong with me using one credit card to pay off the balance of another credit card. This is INCORRECT. Anyone whose using one credit card to pay off another credit card is probably dealing with at least one MAXED out credit card. You should never at any time max out the credit limit of your credit cards.
Did you know that your credit score will suffer serious damage whenever your credit card balance increases close to your credit limit or is MAXED OUT. Did you know that your credit score could suffer over 70 FICO points of damage as a result of MAXED OUT credit card balances.
15. Credit Repair Specialists or Credit Repair companies are illegal and credit repair is illegal and credit repair DOES NOT work. Not only is Credit repair Legal but you have a consumer right under the Federal Fair Credit Reporting Act to Legally repair your own credit report. The problem is that most citizens get intimidated with this task and the 3 major Credit Bureaus will not give you any answers in this matter. The Credit Bureaus will give you the usual "run-around".
Lack of knowledge about credit repair and fear of being intimidated by the Credit Bureaus is the #1 reason why individuals unload large sums of money to hire credit repair specialists to do something that they could also do for themselves. You can repair your credit yourself. Why hire someone to do something you can do yourself.
Check out our Top 10 most useful Books about do-it-yourself Credit repair
16. You can NOT fix your credit yourself. You must hire a lawyer or a specialist. Most individual consumers feel more comfortable hiring someone else to repair their credit because most consumers don't usually have enough credit repair information available to restore their credit. The good news is that every single day millions of people are using the internet to educate themselves on how to repair their credit reports, themselves.
Professional credit repair companies and Law Firms rely on the ignorance of the consumer in terms of their lack of knowledge about credit. The 3 major Credit Bureaus rely on the ignorance of the consumer to make millions of dollars a day on such things as fees for unnecessary inquiries or the selling of your personal info or fees for multiple credit reports (whenever at least one annual credit report is supposed to be free). The Federal Fair Credit Reporting Act says that every single citizens has the legal right to repair his or her own credit.
Do your own internet research: Do-it yourself Credit Repair is legal and is Your Legal Right Under the Law!
17. Those non-profit Credit Counseling companies or debt consolidation specialists that I have heard about on Television or radio will help me establish my credit worthiness. WRONG. Non-profit Credit Counseling services or debt consolidation companies are owned by the same people who continue to call you on the phone wondering when you are going to pay your bills this month. Yes, these companies are owned by all of your creditors and/or the 3 major credit bureaus.
Isn't it ironic that your creditors as well as the major credit reporting agencies are the entities who finance the operations of those popular non-profit credit counseling agencies and debt consolidation organizations.
Consumer Credit Counseling Services (or CCCS) are non-profit debt counseling services that assist consumers who are unable to pay their bills. These companies can be considered to be the friendly version of a debt collection agency. The major credit reporting agencies own and operate these so-called non-profit organizations and your creditors love the fact that the friendly version of a debt collection agency will help you (the consumer) to fullfill the orginal obligations or the original contract that you signed whenever you were orginally extended credit.
Your creditors and the 3 major credit bureaus also love these non-profit Credit Counseling companies because these non-profit Credit Counseling services will help your creditors keep updated contact information on you and consumer info on you. I REPEAT! YOUR CREDITORS LOVE THE FACT THAT THESE NON-PROFIT CREDIT COUNSELING SERVICES WILL HELP YOUR CREDITORS KEEP UPDATED CONSUMER INFO ON YOU.
Did you know that very significant negative credit score points will be subtracted from your credit report once you agree to enroll into one of those Non-profit Credit Counseling or debt consolidation programs?
Did you know that your monthly payments that you make to those various Credit Counseling Agencies or Debt Consolidation programs DOES NOT guarantee that any of your creditors will receive those payments? Do your internet research about the Truth about Credit Counseling Agencies and Debt consolidation programs
18. I have no other choice but to accept all of the harrassing phone calls and all of the awful behavior and rude treatment that my creditors put me through every single month. THIS IS DEFINITELY WRONG. You have consumer rights against harrassing creditors. Your consumer rights DO NOT excuse you from paying your bills every month but under the
Federal and State Fair Debt Collection Practices Act, a creditor is only allowed to pursue a limited type of "harassment" to collect a debt against you.
According to the Debt Collection Practices Act, you can request in writing that a creditor DO NOT call you at work or call your family member's house or call your house after 9pm at night. Your creditor must comply with this official written notice sent to your creditor by you. It's a good idea to send this official written notice to your creditors via certified mail, so you will have proof that your creditor received your written notice.
Having extreme problems with your creditors, then contact us....
19. My creditors always claim that they will take legal action against me. I wish I could take legal action against my creditors. YES YOU CAN! Lawsuits against your creditors? You have the Legal right to take your creditors to small claims court and sue your Creditors.
Search for more internet info about how to sue your creditors
20. The 3 Major Credit Bureaus are doing everything that they possibly can to make sure that my credit report is always accurate.....Dude.....If you actually believe this Myth about credit then we have some swamp-land in Arizona that we would like to sell to you, real cheap.
According to the Federal Trade Commission, Identity theft Statistics show that over 70% of our credit reports contains very serious errors that might cause individual consumers to be denied credit cards, car loans and even mortgages.
The good news is that the Fair Credit Reporting Act requires credit-reporting agencies to fix these mistakes and the Fair Credit Reporting Act gives consumers the legal right to take the necessary steps to fix their credit. But it takes your diligence and your knowledge about credit restoration to make sure it happens in your favor.
The Government gives you the legal right to fix these errors but the Government is NOT going to walk you thru the step-by-step process of fixing these errors. Is there anyone who can walk you thru this whole step-by-step process of fixing my credit report?
View the Top 10 Most useful books about do-it yourself credit repair.
Find out how to outsmart the credit bureaus
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