The internet, traditional media, TV media, news magazines, and papers are full of useful and accurate information. But, they are also littered with inaccurate and dangerous falsehoods and myths. It’s hard to know what to trust and to believe. And when it comes to credit and credit repair or building credit, much of the information is outright false or inaccurate. For example, have you ever heard or believed either of these two common credit myths?
Credit Myth No. 1: “The credit bureaus are government agencies.”
Completely false. Credit bureaus are for profit companies.
They collect data to sell to lenders and other credit providers, landlords, insurance companies and more. They are not affiliated with the government but are governed under the Federal Trade Commission.
Credit Myth No. 2: “Credit Repair is against the law.”
Again, totally false. Infant, federal and some state laws specifically protect your right to repair and enhance your credit score.
The Federal Credit Reporting Act and Credit Repair Organizations Act both specifically state that it’s legal for you both to repair your own credit, or hire someone to do it on your behalf.
It’s not always easy to repair your own credit. Many people don’t even know where to start. But, if you are a person who can and does do it yourself there are some great resources that will walk you through the issues and the specific steps that you can take.
Click here to get more information on repairing your own credit, a starter’s guide or the full Credit Repair Intelligence Guide.
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