Four Myths About Credit

Four Myths About Credit

Myth 1: Information in your credit report cannot be changed.
The Fair Credit Reporting Act requires information in your credit report
to be changed if it is misleading, inaccurate, outdated or cannot be verified.

Myth 2: Credit bureaus are required by law to keep derogatory
or negative items on your credit report for 7 to 10 years.
There is absolutely no requirement by law that credit bureaus report anything on you at all. Credit bureaus are private companies that make their income by collecting and selling your personal information.

Myth 3: Paying off your old debts will remove
negative information on your credit report.
Credit bureaus will most often remove negative credit information that is not verifiable. Ask KCCS for more information.

Myth 4: I can repair credit myself.
Yes, you can. You can also overhaul your transmission if you know what you are doing.The fact is that most people don't have the experience, time, or persistence to enforce their rights on credit bureaus.