Having good credit is important in our current day and age. It can determine how much interest you will be paying when borrowing money for large purchases such as mortgages and automobile loans. Your credit can also determine if you will even qualify for those loans in the first place. Your credit scores may also affect your ability to get a new job. Some employers use your credit worthiness as a factor on how responsible you will be when performing your duties.
Unfortunately, a great deal of people run into bumps in the road that negatively affects their credit scores. It can happen to anyone. That being stated, it is important for you to be properly informed. There certainly are a plethora of myths floating around out there regarding how long negative items stay on your credit report. The following information will help you separate the facts from the fiction. So without further ado, here is the 3rd biggest credit report myth exposed.
Credit Report Myth #3: Bankruptcies, Foreclosures, and Repossessions Cannot Be Removed From Your Credit Report
Many people believe that negative items such as bankruptcies, foreclosures, and repossession simply cannot be removed from your credit report before the allotted time that it typically takes. The good news is that is a myth. Bankruptcies, foreclosures, and repossessions can be removed from your credit report under certain circumstances. If you believe that the account is listed more than once, or the date is wrong, you do have the rights to dispute the item and get it removed from your credit report right away.
When the item or items are removed, it will quickly improve your credit scores. You can actually do this yourself with all three (3) of the major credit reporting agencies. Under Federal law, they have to respond to your dispute within 30 days. If you do not believe that you can handle the task yourself, or simply cannot spend the time, you can hire a reputable credit repair agency to do the work for you. However, if you happen to make a mistake and miss payments, or run into financial hardships that result in legitimate negative items on your credit report, be prepared for the fact that they will remain there for years.
As a positive, those negative items will have less of a negative impact on your credit scores as they grow older. In essence, if you begin to participate in better credit practices, such as making your loan payments on time each month, your mistakes will not hold as much weight for the entire time that they remain on your credit report.
If you feel that you are being treated unfairly by a creditor or collection agency, please contact us immediately. Legal Rights Advocates, PLLC is a consumer advocate law firm that focuses on consumer rights protection services across the Unites States. We have well over twenty-five (25) years of combined experience helping consumers that are experiencing Debt Collector Harassment, Social Security Disability issues, and a whole lot more. LRA is truly your consumer rights advocate. We take great pride in the fact that our job is to protect you from deceptive and or abusive debt collection practices.
Our goal is to assist you each and every step of the way regarding your rights for consumer protection. Please call us today for more information at 855-254-7841 or click here for a FREE Case Review. We look forward to working with you.
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