A FEW COMMON CREDIT MYTHS

 

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The media, newspapers, internet are full of information, but sadly, much of the information concerning credit is inaccurate. Take a look at a few of the more common credit myths:

 

Credit Myth 1:

"If I get one credit bureau to remove an item from my credit report, all the other bureaus will remove it automatically.”  I really wish this were the case! The bureaus are independent companies, though.  They do not automatically work with each other for deletion of items, in fact they’re all in active competition every day.  You must contact and work with each bureau individually to get the negative, incorrect, outdated items removed.  All this redundant work is a major reason so many Americans turn to the credit repair industry in the first place.

 

Credit Myth 2:

“Your salary makes a difference in your credit score.”  Believe it or not, the credit scoring models do not take salary as a factor in anyway. They do not want to discriminate based on income or wages, and this policy results in some absurd situations.

 

Credit Myth 3:

“Adding a consumer statement to your credit file makes a big difference.” I hate to say it, but this does not make a difference in your credit scoring at all.  Personally, I'm not a fan of adding a consumer statement, because if you're in a dispute with the way an item is reported, you have the ability to, under law, add a statement.  However, if you're able to work to get the item corrected or removed because of its inaccurate reporting, having that statement would just reaffirm the fact that it should have been there in some way, shape, or form.  So, it's better off not telling your side of the story, since in reality, no one reads it anyway.


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