There are way too many misconceptions and myths in the minds of most Americans when it comes to credit repair. There isn’t enough easily accessible information for people to consume. We wrote this article to dispel some of the most common myths about credit repair. Once you learn the truth about credit repair, you will be encouraged. Repairing your credit is probably easier than you originally thought. Don’t get too excited just yet. You’ll have to wait until you finish reading before you place your judgment. We think you’ll be happy to learn this information and act on it right away.
1 – You Can’t Get Your Credit Repaired
It doesn’t take a rocket scientist to figure out this popular phrase is false. You can definitely repair your credit. There’s a whole industry built around repairing your credit. People specialize in this and make an honest living doing it. That doesn’t exonerate them from any wrongdoing, but it should make you think. There are hundreds of companies doing credit repair and some have A+ ratings with the BBB. That should put you at ease.
Credit repair is a legitimate industry and it is here to stay for a while, maybe even forever. As long as there is inaccurate information being placed on people’s credit reports, there will be a need for companies that can clean it up.
2 – Negative Items Come Back
This is totally false. Once a negative item is removed from your report, it’s gone for good. The only way for a negative item to come back is if some freak accident happens. It would be illegal to place an item back on your report that didn’t belong. There are rules that every credit bureau must adhere to. They can’t just decide to place something on your credit report because they want to. Just know that once a negative item is removed, there’s not a real chance that it will make its way back onto your report.
3 – Repairing Your Own Credit Is Too Hard
Again, this is false. If you are able to read and comprehend this article, you can repair your own credit. You don’t need to hire a company just because you think it might be too hard. That’s the wrong reason to outsource your credit repair. You should hire a company only if you don’t have the time to repair your credit, or you just don’t feel like it. You can hire a company or not and we don’t care which route you take. All that matters is that you get your credit score up.
We just want to make sure you’re hiring a company for the right reasons. If you’re hiring a company because someone told you repairing your credit is too hard, that’s not the right reason. Any other reason would be a good reason. Maybe, as we stated above, you just don’t have the time or the wherewithal to repair your own credit.
4 – You Can’t Remove Foreclosures or Bankruptcies
You can get anything removed from your credit as long as you know the law. That’s one benefit to hiring a good credit repair company. They know the law. Whether or not you can get bankruptcy off your credit report depends on how long ago you filed for bankruptcy. After 10 years, it should fall off your credit report automatically. It’s not really automatic, but the bureaus should take it off. If they do not take it off 10 years after you filed for bankruptcy, you can dispute it or hire a company to take care of it and other information. You can actually get bankruptcy removed as early as seven years after you file.
5 – Your Spouses Credit Doesn’t Matter
For some reason, many people think that as long as their spouse has good credit they can get preferential treatment. This is not true. While it is possible to get good interest rates when one spouse has good credit, it’s more likely that you get high interest rates or denied. Married couples are looked at as a unit. When one person has bad credit, it sends a mixed message to your potential creditor. They can’t tell whether you two are a reliable unit or not.
We all know one bad apple can spoil the bunch, and your potential creditor does too. The spouse with bad credit is seen as a risk to everyone else in the situation, the other spouse and the creditor. Don’t be surprised if you get a horrible interest rate or get denied if your spouse has bad credit.