There are numerous myths surrounding credit repair and many the credit bureaus want you to believe.  The truth is — you can repair your credit and should check it often for discrepancies. 

We’re working to de-bunk the top myths in Part II of my series, “Myths the Credit Bureaus Want You to Believe.  For Part I, click here.

Myth No. 4–A negative item that is successfully removed from your credit report will simply reappear again.  

The reality is that a creditor has 30 days to verify a dispute.  If the credit bureau has not heard from the creditor within that time frame, they must delete the item from your report.  Sometimes the bureaus will perform a soft delete.  This is where they delete the item from your report but, will reinsert the item if they hear from the creditor within a week or two of the 30 days. 

If this happens, the item can be disputed again.  However, most of the time, once an item is deleted, it is gone for good.  By using our preferred attorney’s, you can be sure your item will be disputed over and over again until it is removed.  We have experienced a 96% success rate with this.

Myth No. 5 — Credit counseling services can help you restore your credit.

Credit counseling services are agencies that are set up to help you renegotiate your credit cards and other debt. They put you on a budget and you make one payment to them. They in turn pay all the bills for you.

People who are in debt or who are trying to avoid going bankrupt can seek help from these nonprofit consumer credit counseling services. (CCCS’s) However, these companies are controlled and funded by the credit bureaus and the credit grantors, like the big credit card companies. They actually fund these agencies. 

Your creditors will usually make a note on your credit report if you’re working with one of these consumer credit counseling services. Potential credit grantors are scared off by this almost as much as a Chapter 13 bankruptcy. Some of the worst credit reports out there have been participants in a credit counseling service or similar program.

Myth No. 6 — Credit bureaus are part of the government and are unquestionable.

The credit bureaus are in business to make an impression on their stockholders since they are publicly traded companies. They are NOT agencies of the government. In fact, the industry is one of the most heavily regulated.   It has recently been revealed in a survey, by an independent group, that over 70% of all credit reports have an error on them.  Due to the prevalence of mistakes, consumer protection legislation has been drawn up which allows the consumer the right to challenge the bureaus and force them to remove any incorrect data, information that is out-of-date or data that cannot be verified.

Have you been fighting a credit issue and need assistance removing items permanently or do you feel overwhelmed when trying to work through past credit issues?  We’re here to help and look forward to the opportunity of bringing your credit back to a place where you can purchase a home. Call us today! 719-387-1368 or email at info@rebekahradice.com.

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