Common Myths About Credit
Are you someone with less than perfect credit?
Do you know how your credit score is calculated?
Let’s take a look…
Here are a few common myths about credit:
1) Credit agencies are empowered with some kind of governmental authority?
Truth: Credit agencies have no legal authority at all.
2) Credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years?
Truth: There is no law that credit agencies report any items at all. They are required by law to remove all derogatory items older than 7 years like late payments and charge-offs, but in the case of public records like bankruptcy it’s 10 years.
3) Information on your credit report cannot be changed; it’s illegal to have the information altered or removed?
Truth: The opposite is true with the Fair Credit Reporting Act both Federal and various state laws REQUIRE that items be removed if they are not 100% accurate or cannot be verified in a timely manner.
But you know what? You can restore your score!
The Fair Credit Reporting Act gives all Americans the right to dispute and/or investigate any item on their credit report: inaccurate, erroneous and obsolete items such as late payments, charge-offs, foreclosures, bankruptcies, tax liens, collections, short sales, medical bills, and many other items can be removed from your credit file or can be updated to say paid as agreed.
Leverage your legal rights to investigate, dispute and challenge negative items on your credit report. And know that restoring your credit will position you with the best interest rates available for future purchases!
So what are you waiting for? Don’t you want your credit power back?
Contact me and let’s get you started today!
Power of Credit and Financial Freedom
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Welcome to The Community Advocate Network. My name is Deborah Mitchell, I am a graduate in Social Work and Registered Social Work Technician. My human service background began in 2007 which includes medical case management and service navigation for the indigent population, outpatient mental health counseling with substance use and abuse disorders, supportive employment and job development for mental health consumers, and structured living domicile management.