4 Big Myths on Credit Repair

4 Myths on credit repair
Myth 1: Credit repair is Illegal

How this myth was started no one knows your guess is as good as mine. First and foremost let it be said, that this is your right under the Fair Credit Reporting Act (FCRA). Even though the credit bureaus do their best to undermine this process. Not surprising it was because of the way they treated the consumer that this law had to be passed in the first place.
Did you know that more complaints are filed against the credit bureaus than any other business with the Federal Trade Commission? Don’t believe that one call the FTC and the automated phone system will ask you to press 1 if the complaint is about the credit bureaus.
The reason why you as the consumer often times were frustrated and at your wits end on how to deal with the credit bureaus. Especially when it came to the process of repairing your credit.
The main reason for this and the only reason is the credit bureaus main objective is to protect their profits. Investigating your claims or challenges is cuts into their profits.
Remember the credit bureaus will do anything to make this process harder. In the attempt to discourage you from making any kind of progress with the repairing of your credit. The best solution is to arm yourself with knowledge.
Myth 2: I can fix my credit very easily

This is somewhat true; you can dispute anything on your credit report. The trick is getting results; this is where it becomes mind boggling to say the least. The credit bureaus need you to believe that you don’t need the help of a professional.
They will even supply you with forms you need, but this is a deliberate tactic used by them to be ineffective at best. Before you attempt to correct your credit report get the proper information and guidance.
Honestly you CAN attempt credit repair with out proper guidance, but be prepared for a difficult and head bumping experience. As stated before get proper guidance and information arm yourself with knowledge.
Myth 3: Getting a new social security number or file bankruptcy to start over
First of getting a new social security number and then using it to establish credit is totally illegal. This is called fraud and numerous other violations that can land you in jail. So the best advice do not attempt this one at all.
If you are thinking about bankruptcy, here are some of the pros and cons. First of all filing bankruptcy will get the creditors off your back. You can start off with a clean slate so to speak.
A side effect of bankruptcy is that it stays on your credit report for ten years. Understand that this is like the ultimate killer of your credit rating. If you have your mind made up on filing bankruptcy seek out good legal counsel for. Make sure the attorney has a firm knowledge of the bankruptcy laws.
If you can avoid bankruptcy do it. You can repair your credit with the right information. Arm yourself with knowledge.
Myth 4: If I get a negative item removed it will come back on my credit report

This was spread by the credit bureaus to discourage credit repair. Quite cleverly the credit bureaus spread this myth thru the media and other government agencies.
The truth of matter is that under the Fair Credit Reporting Act (FCRA), credit bureaus must follow strict guidelines and procedures. The must notify you if they going to re-report any entry your credit report. If they don’t the credit reporting agencies leave them selves open for lawsuits.

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