Knowing your credit report and what it says is just more than knowing the score. There are a few myths that have come up about why you should always check your credit report annually and listed are just a few of the myths around your credit. As the new credit scoring system continues to roll out many people are left wondering what does good look like.
You can never remove a bankruptcy. Just like any other obsolete, erroneous, misleading information bankruptcies will come off.
Your credit report information cannot be changed. In fact under the Fair Credit Reporting Act; both federal and various state laws require items that are not 100% accurate should be removed.
Having your credit report altered may be illegal. No, as this is what the Fair Credit Reporting Act is all about. Congress enacted this consumer protection to help consumers from intrusion.
You can remove past due debts by paying them off. By simply paying a past due amount you will not erase this off your credit report, but it will help to show good faith towards the credit card or loan companies.
Obtaining your Free Credit Report is easy and can help save you money by finding any issues before they affect your credit history. There are many Americans that pay thousands more in interest each year because there are inaccurate reports listed on their credit report. Your credit card rates are based on your payment history and credit score and can mean the difference between a 14.5% interest and a 4.5% interest rate. Those with credit problems may look at Secured Credit Cards which have a balance that backs up the actual amount of the card. This can be helpful for folks trying to reestablish their credit score and get back on the right track. The one piece of advice that I can give to anyone is to Compare Credit Cards and their details since this is one of the biggest pitfalls most people run into. This is because many will be attracted to the 0% interest offers, but do not realize that one day that payment will come due and they will end spending a huge amount of interest on the unpaid amount. This then starts to affect your credit and will impact future loans, insurance, and even jobs.
