Credit Repair Myths http The Executive Director of National Credit Federation tackles the myths about credit repair listed below so that you (the consumer) are no longer in the dark; like the credit bureaus want you to be! Myth #1: When I pay off a past-due account, such as a Charge Off or a Collection Account, it will be listed as “paid” and no longer be reported as negative. Myth #2: If a negative item is successfully deleted from my credit report, it will reappear on my report. Myth #3: There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from the credit report. Myth #4: Disputing a credit report is easy — any consumer can do it themselves. Myth #5: The credit bureau allows me to submit my 100-word explanation. Creditors will read my statement and take it into consideration. Myth #6: The credit bureaus are a branch of the government, infallible, and above reproach. Myth #7: I can create a totally new credit file by getting a federal tax ID number or changing a few numbers on my social security number. Myth #8: If I build enough good credit, it will offset my bad credit and make me credit worthy. Myth #9: Nonprofit organizations like Consumer Credit Counseling Service (CCCS) can help me restore my credit. Myth #10: It is illegal for creditors to take a negative, accurate listing off my credit report. The law requires that these items remain on the credit
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