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Featured Article:
Credit Repair Myths Exposed
By: Jim Eastman
If you’ve done any searching on the Internet for information
pertaining to “Credit Repair,” you’ve no doubt found that
there’s a great deal available. Unfortunately, there’s also a
lot of misinformation as well.
Let’s take a look at some of the most common misstatements
you’ll come across and examine them in detail.
MYTH #1
“Credit repair doesn’t work!”
While it’s true that credit repair is more “art” than “science”
that’s not to say it doesn’t work. If you undertake to repair
your bad credit score, there’s never any guarantee you can
restore it to “perfect” status. But sometimes you can, and in
almost every case you can at least affect some improvement in
your credit score, and often major improvement at that!
First of all, credit reports for the most part are filled with
errors. While there seems to be no general agreement, it’s
estimated that anywhere from 1/3 (Attorney General of NY) to as
many as 90% (Charles Givens Organization) of credit reports
contain errors.
Removal of erroneous negative information alone will go a great
way toward improving your credit score. But there’s more to the
story, which brings us to myth #2.
MYTH #2
“Negative information that can be verified cannot be removed”
This is one of those statements that are “almost” true, but
taken literally is misleading. As is often the case, the
inclusion (or exclusion) of one seemingly small word makes the
difference in a truthful statement, and one that’s not (or not
necessarily) accurate.
Let’s take an analogy. Suppose it’s the middle of summer, and
your grass has grown unusually high. Let’s also suppose that you
own a lawn mower, it’s in good working condition, and has plenty
of gasoline in the tank.
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