| Rampant Myths About Credit Reporting | | | | the account has been verified. I'll just bet she |
| Whether you realize it or not, there is a | | | | never checked the details. How could she when |
| tremendous battle going on aimed at shaping your | | | | she just wants to get out of there and go to the |
| opinion. On one side, you have the credit bureaus | | | | movies or beach with her boyfriend. This is how |
| with a massive public relations campaign to | | | | errors end up on credit reports. The Credit |
| discourage consumers from attempting to restore | | | | Bureaus simply cannot guarantee 100% accuracy |
| their credit by telling them it is impossible. They do | | | | even though, they are mandated by law. |
| this by limiting their acknowledgment to those | | | | On the other side, you have consumer rights |
| methods strictly outlined in the Fair Credit | | | | groups pushing for more reform. And sometimes |
| Reporting Act, such as the dispute method and | | | | in the middle, but most often leaning toward the |
| the consumer statement. | | | | side of the bureaus, you have the Federal Trade |
| The Credit Bureaus, have succumbed to the | | | | Commission. If that weren't enough, you still have |
| pressure from Washington and now include a | | | | outside influence (attorneys and credit repair |
| generic dispute form in your credit report, when it | | | | services) whose motives are purely financial and |
| is mailed to you. Do these forms work? | | | | at times, such motives and ignorance add more |
| Sometimes but you have to put your imagination | | | | fog to an already cloudy landscape. |
| to work here for a minute. Just place yourself in a | | | | The result is a lot of conflicting and confusing |
| building somewhere in Atlanta, Georgia and you | | | | information. It is very easy to get bogged down |
| along with another (100) workers are required to | | | | in this information glut. But you don't have to |
| do nothing but respond to credit disputes. | | | | muddle in the mire. This resource strives to shine |
| Now this is not the highest paid job in the | | | | a bright beam of truth to dissipate this fog of |
| company, hence the working conditions are not as | | | | misinformation-so that you can begin pursuing a |
| plush as the executives that sit up high and have | | | | clear path, able to discern the good and the bad |
| a view of the Atlanta skyline. So, somewhere in a | | | | offered you from both sides. |
| large room are these tiny cubicles equipped with a | | | | As evidence of this ongoing credit war, consider |
| telephone (speed dialer) and a place to put your | | | | these great myths about the credit reporting |
| purse. That's it. You report for work at 8:00 AM | | | | industry. Each of these statements below is false. |
| and wait for the mailman to come to your work | | | | Nonetheless, almost every Consumer still believes |
| area. He drops off (100) dispute letters from irate | | | | that one or more may be true.... |
| consumers that are chastising you for their bad | | | | Myth: The Information on A Credit Report Cannot |
| credit. Most of these letters are generic in nature. | | | | Be Changed |
| After all, a lot of folks bought the "credit repair | | | | Fact: Exactly the opposite is true. The Fair Credit |
| kit" at one of the leading discount stores and for | | | | Reporting Act requires that items beremoved if |
| $19.95 they are going to repair their own credit. | | | | they are not 100% accurate or cannot be verified |
| You see many of these, so when you start to | | | | within 30 days. |
| open the envelopes, most dispute letters fall into | | | | Myth: When I Pay Off A Delinquent Account Such |
| the same category. "You are the reason for my | | | | As A Charge-Off or Collection Account, It Will |
| bad credit" "I am going to let the air out of your | | | | Stop Hurting My Credit, Because It Will Then Be |
| tires, unless you fix my credit" "My brother-in-law | | | | Shown As 'Paid. |
| says you must help me by law". Well, what if you | | | | Fact: As hard as it might be to believe, |
| were this little girl and everyday you came into | | | | sometimes paying off a debt can actually hurt |
| work only to do the same mundane task? The | | | | you. This is one of those occasions. These types |
| pay is not the greatest, so the turn over of help | | | | of collection accounts are allowed to stay on your |
| is always an issue. You tell me how your going to | | | | credit for a "maximum" of seven years. |
| get your dispute letter acted upon in a | | | | Myth: Medical bills are accurate and cannot be |
| professional manner with this scenario. | | | | disputed |
| Here is what happens | | | | Fact: Medical bills rarely are generated from the |
| The little girl, already has the company phone | | | | medical records. Proof is when the Doctor orders |
| number in her automatic dialer and she just calls | | | | 200,000 CCs of Sodium Phenatol and the |
| the company/creditor/collection agency. "Do you | | | | pharmacy only has it in 600,000 containers, you |
| have so and so as a customer"? "Why, yes we | | | | will most probably get charged for the container. |
| do and they owe us $ 1,543.20" The little girl | | | | However, if you compare the medical records |
| simply puts a notation on your credit report that | | | | with the billing statement you will find that error. |