Credit Repair Myths

nationalcreditfederation.com www.nationalcreditfederation.com http www.youtube.com twitter.com 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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