Myth #8

If you get a derogatory item removed, it will just come back.  Not if it is removed legally.  When it is removed with cause under the Fair Credit Reporting Act it cannot legally be placed back on your credit report.  The same law that required its removal prohibits it from being placed back on.

Myth #9

The past equals the future.  This is the biggest myth of all.  The concept that once bad, always bad, or at least for 7 years is totally false.  Anybody can run into hard times or an emergency situation, but that doesn’t automatically mean that they are a poor credit risk for a magical 7 years.  The simple truth is, no credit report or scoring model can predict the future.

Myth #10

I cannot restore my credit on my own.  Yes, you can!  You can try to do it yourself (just like you can represent yourself as an attorney in a court of law).  But it is usually best to allow experienced professionals to educate you and assist you in restoring your credit profile.

Studies have revealed that millions of Americans (79% or more) have significant errors in their credit profiles.  These errors affected credit scores by 50+ points.  If you feel that you may have errors in your credit report, call me and I will refer you to those who may be able to help.

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

Posted on Monday, March 22nd, 2010 at 4:11 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.