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It truly is amazing to note how little the vast majority of consumers really know about the credit report system or even their own credit scores. Even more alarming is the fact that most people do not even realize the many areas of their everyday lives where their credit report and credit score are used, and it is not just with financial transactions. But the real kicker is the number of things that many people believe about credit reports and credit scores, which are totally untrue. This article is going to try to outline the most popular myths and set the record straight about those items. Myth #1: If you successfully dispute a negative item on your credit report, it really doesn't matter because it will come back in another month or two. Reality #1: Untrue. If the item was truly false and the credit bureaus continue to put it back on your credit report, that is known as slander and there are legal ramifications they will have to deal with. But more often than not, your real beef is with the creditor who continues to submit the same erroneous information to the credit bureaus, and there is where you need to follow up, and perhaps apply some legal muscle. Just remember to document everything – every letter, phone call, date, time, who you talked to, etc. Myth #2: When you are finally able to pay off a past due or charged off account, it always will show as paid on your credit report and will no longer be considered a negative item. Reality #2: Totally wrong. The fact that the account was overdue or previously charged off is just that – historical fact, and that fact will remain on your credit report. Now the fact that you paid it off definitely helps your credit score, especially if you can keep your financial nose clean in the future, but the historical fact will remain, although it becomes less of a negative as time passes. Myth #3: If your credit report has negative items on it, a good credit fix company can get them removed. Reality #3: Wrong. A "credit fix" company does not have any magical powers to do anything that you could not do yourself. They would like you to believe that they have centuries worth of experience and are well respected and even feared by the credit bureaus, but that is just so much marketing hype. The only thing they have that you do not is knowledge, and that knowledge can be gained in multiple places, including several online resources. Myth #4: If you need to file for bankruptcy, your credit report can look like it never happened within a few months if you follow the right steps. Reality #4: Totally bogus and this again is so much marketing hooey from some credit repair companies. There is nothing in federal bankruptcy law that requires lenders to note that they did not get paid when you filed bankruptcy, and that same bankruptcy law requires that your bankruptcy remain on your credit report for 7 to 10 years. Create a new social security number? First of all, that is not legal unless you a part of some type of witness protection program – any questions? Create a new taxpayer ID number? The first time you use that instead of your social security number at some place that really does require your SSN, you are going to be hosed because you do not exist, and that is going to create more problems than it will solve. There are many more myths floating around out there, but hopefully you now have an understanding of the fact that you need to take "common knowledge" with a grain of salt. You can fix erroneous information on your credit report, and in fact are encouraged to do so because there are almost certainly errors on it, but this is something you can and should do yourself, which in turn will raise your credit score, and with that end result, is worth the little bit of time and effort you'll need to put into it. For more insights and further information about Credit Score Credit Repair Credit Reports as well as getting free copies of your credit report from each of the major credit bureaus, please visit our web site at http://www.credit-help-center.com
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credit score, credit report, bad credit, credit repair,
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