Myth #4

The burden of proof rests with the consumer to validate information contained on your credit report.  The opposite is true under the Fair Credit Reporting Act, both federal and various state laws REQUIRE that the credit agencies bear the burden.

Myth #5

It is illegal or immoral to have the information on your credit report altered or removed.  Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about.  It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives

Myth #6

Paying a past due debt removes it from your credit report.  Just because you pay an old debt does not change or erase the fact that at one time you were not paying on it as you agreed.  Can this record be changed?  Absolutely!

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

Posted on Thursday, March 18th, 2010 at 3:03 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.