Credit Repair MythBusters: What Credit Bureaus DON’T Want You To Know
How do some of these myths get started?
- So here’s Myth # 1: Credit repair companies are scams.
According to credit bureaus, paying a credit repair company doesn't really work and is a scam. According to the bureaus and the FTC, there is nothing credit repair companies can do that anybody really can't do themselves. Of course, anyone can assemble all of the essential knowledge, write to the bureaus, and ask that any items they believe to be errors be removed.
You can prepare your own taxes and cut your own hair. If you're doing your own gardening, why then would hiring a tax accountant, barber, or horticulturalist be considered a scam?
This is due to their desire to smear hardworking credit repair business owners who are really making a difference for their clients and shifting a lot of lives. Effective credit repair businesses mean less money for the banking industry and credit bureaus.
Of course, not all credit repair companies are established equally, but there are valid and very well-established companies out there. I know this because THOUSANDS of Credit Champions are using Credit Repair Cloud software to increase their sales!
- • Myth #2: Improving your credit score will take a long time.
The change will not come overnight, but it will happen faster than most people believe. Credit bureaus typically mark credit scores every 30 days, and hard inquests are reported as soon as they occur. In fact, unless you look at our Facebook, you'll see that our Credit Champions are getting constant FAST deletions when they use our specialist strategies – and you'll see for yourself why their clients' scores continue to rise.
- Myth No. 3: Negative items can be reinstated on your credit report.
You may well have heard that credit reporting agencies can reinstate negative items removed from your customers' credit reports due to a dispute. But here's what you should know: One way that could happen after a dispute is if the Bureau discovers that debt may well be valid just after the fact. However, in most cases, items removed from credit reports don't ever reappear. It's yet another case of false data.
- It's something I've discussed on my talk show because it's crucial. There is a common misconception that credit reports are generally accurate. It is not the case.
Errors occur more frequently than most people realise. In fact, nearly eight out of ten customers have mistakes on their credit reports that they may be unaware of!
Most people evaluate their credit card bills on a monthly basis to ensure they recognise all charges. The same must be true for credit reports, since you never know what inaccurate and damaging data is impacting your customers' credit scores.