Many people ASSUME that because Equifax, Trans Union, and Experian are referred to as “The Credit Bureaus” or the “Credit Reporting Agencies” – that they are Government Agencies established to look out for you and your Credit Score.
Wrong! The “Bureaus” are not Government Agencies! They are Corporate Giants and make BILLIONS per every year. And guess what 2 of their HUGE income streams are? 1. Selling your data to marketing companies and 2. Charging your creditors to process the responses to all 3 BILLION plus disputes per month made by consumers like you!
If you are following this, you’ll understand that “The Credit Bureaus” make more money when your credit score is LOW! 2 big reasons: 1. More disputes to charge the creditors who have to respond and 2. Your “lead” (your info that they sell) is more valuable if you have a lower score who is going to pay more interest in financing any product or service!
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Your salary makes a difference in your credit score is another myth. The credit scoring models do not take salary as a factor in ANY way. They do not want to discriminate based on income or wages.
Myth #26: Adding a consumer statement to your credit file makes a record, and ultimately, does not make a difference in your credit score at all.
In reality, having that statement would just reaffirm the fact that is should have been there in some way, shape, or form. Given that you have the right to dispute derogatory items, making that statement works against you, so it’s better off not telling your side of the story.
Besides, no one reads the statement anyway, so there’s no reason to notate it anyway, especially since it could work against you if you dispute the negative item.
Many people think credit repair is illegal or don’t think there is any way to remove negative items from a credit report.
The TRUTH is that the Credit Reporting Agencies (CRA’s), Trans Union, Equifax, and Experian violate the law a lot. So much so, that up to 79% of all credit reports contain errors.
To protect consumers, the Fair Credit Reporting Act (FCRA) was made federal law in 1970 with some powerful provisions!
It is a common misconception among creditors and consumers that once an item is on a credit report, it must remain for 7-10 years. That is certainly not the case. If the creditors or the CRA’s cannot prove negative items to be 100% accurate, 100% Verifiable, or report the item within the allowable reporting period; they MUST DELETE the negative item!
There is no law requiring a negative item to remain on your credit report for ANY length of time. The law only stipulates that the negative items may NOT stay on your report any longer than an allotted time (7 years for a 90 day late, for example).
Yes! You can have your credit repaired quickly and legally!
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