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Our Featured Article:

Avoid The 7 Most Common Credit Repair Myths!

Vincent Dail

Credit repair is not hard and the very best way to improve your credit report score is to do it yourself.

Let's take a look at 7 of the most common myths you'll come across and examine them all in detail.

Credit Repair Myth #1: If I declare bankruptcy, I can begin my credit report all over with a clean slate.

Many bankruptcy attorneys do not adequately understand or explain the effects of bankruptcy to their clients. When you file for bankruptcy, every credit account that you decide to include in bankruptcy will become an "included in bankruptcy" account.

Additionally, a bankruptcy filing and bankruptcy discharge listing will appear in the court records section of your credit report. Because so many negative items are attached to the bankruptcy, it becomes difficult to remove all traces of the bankruptcy. If at all possible, you should avoid bankruptcy at all cost.

Credit Repair Myth #2: There are negative listings, such as bankruptcies and foreclosures, that are impossible to remove from the credit report.

There's no type of negative credit listing that can't be removed from a credit report by you. Negative items, such as bankruptcy or unpaid debts, are certainly more difficult to remove from the credit report, but this has more to do with the operational systems of the credit bureaus than with the severity of the bad credit item.

For example, judgments and tax liens are severely negative listings, yet are easier to remove.

Credit Repair Myth #3: When I pay off a past-due account, such as a charge off or a collection account, it will show "paid" and will no longer be negative.

It is quite difficult to restore your credit without somehow satisfying your outstanding debts. However, paying an outstanding, delinquent debt you will change the account status to "paid collection," "paid was late," or "paid was charged off" - which will still stand out as a very negative credit listing.

Sometimes paying off a debt can actually hurt you. This is one of those occasions. These type of collection accounts are allowed to stay on your credit report for a "maximum" of seven years.

When you have outstanding debt, it is almost always prudent to seek professional credit repair help so that you may settle your debts while creating a reasonable possibility of deletion of the negative listing at the same time.

Click here to read the rest of this article, as well as many others.


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