I was in a Continuing Education class a week or so ago given by a mortgage company.  They gave 10 myths of credit repair that I thought you might find interesting and maybe valuable.  I’m going to give them over the next few days so the blog isn’t too long.  If you have any questions about repairing your credit, give me a call at 801-403-4965.

Myth #1

Credit agencies are empowered with some kind of governmental authority.  Credit agencies have no legal authority at all.  They are simply billion-dollor corporations who are in the business of gathering and selling credit information.

Myth #2

The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years.  There is no law that the credit agencies report anything on you at all.  Just the opposite is true!  Credit agencies are required by law to automatically remove all derogatory items older that 7 years or in the case of a bankruptcy, 10 years.

Myth #3

It is impossible to remove an item of public record.  Bankruptcies, tax liens, etc. come off just like any other item that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified.  Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.

Tags: Buying a home in West Jordan, Buying a home in West Valley City, Mortgage Information, Utah

Posted on Wednesday, March 17th, 2010 at 2:02 pm and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.