Exposing Today’s Biggest Credit Repair Myths

If you’ve spent any time at all online researching credit repair, you probably realize that there is a lot more information available than you may have thought.

Unfortunately, some of this information is very misleading. In fact, it can be categorized as misinformation or myth. With that said, let’s now take a look at some of the biggest credit repair myths and expose them for what they are today.

Myth #1: Credit Repair Will Never Work

Some people have unfortunately tried to repair their credit, but since they did not know the art and science needed to make the necessary changes, they automatically assume that it doesn’t work.

Nothing could be further from the truth.

While it certainly isn’t the easiest thing to accomplish, credit repair is certainly possible, and when done correctly you will be able to turn a bad credit score into an acceptable one. And with enough time, patience, and effort, you’ll be able to raise your credit score to the highest levels.

For starters, many credit reports are currently filled with errors. As a matter of fact, it’s estimated that around 80% of American credit reports (four out of five) actually contain errors.

By having these errors removed from the report, you will immediately have a positive impact on your overall score. And that’s just scratching the tip of the iceberg. So, it is certainly possible to improve your credit score. This is a myth that many people unfortunately believe to their own detriment.

According to CreditRepairServices.co, a website dedicated to helping you decide whether you should use a service to repair your credit or not, “To dispute an item on your credit report, you must submit requests in writing to both the reporting agency and the information provider.”

Myth #2: It’s Impossible to Remove Verifiable Negative Information from Your Credit Report

This next statement is almost true some of the time, but it’s definitely not true all the time. And if you take it literally, you are going to be misled.

As an example, let’s say that you have a negative item on your credit report. And let’s assume that this negative item can certainly be verified. Just because it can be verified, doesn’t mean that it actually will be by any stretch of the imagination.

The Fair Credit Reporting Act says that a credit bureau has to investigate and then verify within a reasonable period of time in regards to any item that you have a dispute with on your report.

If information is discovered to be inaccurate, or it’s impossible to verify it, then the reporting agency has to promptly verify the information. Looking at this from the context of the reporting agency and the expected reasonable timeframe, they will literally have 30 days to make the verification.

And if they cannot, then they have to legally remove this negative information from your report altogether.

Myth #3: You’re Going to Get Scammed If You Deal with a Credit Repair Agency

Some people unfortunately have it in their head that each and every credit repair agency is a scam. Unfortunately, this industry gets a bad rap because there are some agencies out there that are willing to scam people. But that doesn’t mean every agency is filled with scammers.

On the contrary, there are plenty of great companies out there that help lots of people repair their credit scores. It all comes down to doing your research to find a great company that will stick with you throughout the credit repair process.

Conclusion

As you can see, there are some serious myths in relation to credit repair. Do your best not to fall for this misinformation any longer.