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Extensive research has proven that the credit reporting system is faulty. These agencies are not related to the Federal government – in fact, they are privately held companies and are in business to make a profit. What does that mean to you? When a company wants to report something to a credit bureau (for instance, that you paid your credit card on time) they PAY a fee to these companies to list the information. However, wrong information finds it’s way onto 85% of credit reports and the credit reporting companies are in no hurry to delete it. They only get paid a fee for putting it on, they get nothing for taking it off. You don’t pay them for this, and the person that put it on there in the first place certainly isn’t going to give them more money to take it off. Despite this information, a majority of Americans believe that the credit reporting system is efficient and accurate – and that once you have bad credit, you must to learn to live with it for seven to ten years. So how do the credit bureaus ensure that the information they have is correct? They don’t! They simply record the information they have been given – they don’t check it for accuracy (how could they). Additionally the credit bureaus themselves have also been known to make mistakes in transcribing the information given. Placing information on one James T. Johnson’s account when it should be a different James T. Johnson’s account for instance. Ignoring these negative items on your credit report can cost you thousands of dollars on house and car payments and can also make a difference in whether you can even get a car or home loan. It pays to have the highest credit score possible. Delaying can never be to your advantage. One thing is for sure, putting it off won’t help your credit score one bit. About the Author: Dewey Kearney is the owner of 1-800BadCredit.com and 1-800BadCreditBlog.com He co-owns these sites with his daughter Leslie J. Kearney. Both Dewey and Leslie have over 10 years experience helping people with bad credit get their credit back on track. Our sites offer information gleaned from our own experiences with bad credit in the past. We love helping people find credit solutions. Check out our bad credit car loans, Bad Credit - credit cards at competitive interest rates and best of all Legal Credit Repair with one of the best legal professional companies in the nation. Please visit our sites: www.1-800BadCredit.com & www.1-800BadCreditBlog.com
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