Credit bureaus are affiliated with the government, infallible, and above reproach.
There is NOTHING in the law that states a negative item must remain on a credit report for any period of time. Our credit experts have experience in removing every type of negative item from our clients’ credit reports.
Credit bureaus allow me to submit a 100 word explanation. Creditors will read my statement and take it into consideration.
Not so! This statement only verifies some of the negative items on your report. Your explanation should actually be the FIRST thing deleted from your credit file. No creditor will consider the information submitted in your statement.
There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from a credit report.
There is NOTHING in the law that states a negative item must remain on a credit report for any period of time. Our credit experts have experience in removing every type of negative item from our clients’ credit reports.
If a negative item is successfully deleted from my credit report, it will reappear on my report.
The credit bureaus have cleverly and purposely spread this myth through the news media and government agencies. However, the credit bureau is required to delete a negative listing if they have not heard from the credit grantor within 30 days. If verification arrives later, it can be re-inserted (a soft delete). Most of the time the creditor fails to respond and the negative item is permanently deleted. If verified, the account may still be deleted later when the challenge process is intensified.
Disputing a credit report is easy. Anyone can do it themselves.
Disputing is easy, but getting results as a layperson is difficult and complex. The Federal Trade Commission receives more complaints against credit bureaus than any other type of business. It can be done, but your own efforts are often less effective than that of a professional.
If I pay off a past-due account, it will be listed as paid and no longer be negative.
Paying off a debt can restart the activity clock and may still be reported as negative (Paid Collection, Paid Charge-Off, etc.). It is often prudent to hire a professional credit repair company like Credit Repair Champ to prevent further damage to your credit.
I can create a totally new credit file by getting a Federal Tax ID number or changing numbers on my social security number.
This is a fraudulent scheme and illegal. Lying on a credit application is a criminal offense, and with modern technology linking systems it is virtually impossible to pull off. It is best to confront the bureaus armed with your rights under consumer protection laws.
If I build enough good credit, it will offset my bad credit and make me credit worthy.
Even a small amount of negative credit can be devastating. Approvals are often automated, and negative items can result in high interest rates or a declination regardless of how much good credit you have.
Nonprofit organizations like CCCS can help me restore my credit.
Nonprofit debt counseling services assist people seeking alternatives to bankruptcy. Many are funded and controlled by credit grantors and bureaus. Participation may be noted on your report and can be a red flag for prospective lenders.
It is illegal to remove an accurate negative listing. The law requires items remain for at least 7 years.
The law limits how long negative information can appear, but it does not require keeping an item for the full period. A credit grantor or credit bureau can delete the item if they choose to.
