4 Myths About The Big 3 Credit Bureaus: Equifax, Experian, Transunion:

Posted: 10/19/2008 by Debt Warriors! in 4 Myths about the big 3 Credit Bureaus, Do it yourself Credit Repair, Equifax, Experian, TransUnion
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The myths of Halloween pale in comparison to the myths surrounding Credit Repair. So here are some treats to prevent you from being tricked while trying to repair your Credit for YOURSELF.

Myth #1. The BIG CREDIT BUREAUS [Big 3 CB's] are Government Agencies. Not true. The BIG 3 CB’s are Equifax, Experian and Transunion and they are privately owned and in some cases publicly traded Businesses. I repeat, NOT U.S. Government Agencies. Many people fear the Credit Bureaus as much as they do the I.R.S. But understanding that the BIG 3 CB’s earn their money by selling your information to other businesses should help you gain the confidence to contact them like you would any other Business.

Myth #2: The BIG 3 CB’s are Unregulated, so they can do what they want. Not true. Credit Bureaus have to adhere to many U.S. Federal Laws. In addition there are many Laws that protect you from unfair practices or inaccurate information on your Credit Report. Trust me there are too many laws to cover them all.

Myth #3 You have the right to “REMOVE” negative and ‘accurate’ information from your Credit Report. No. You don’t. Don’t confuse negative inaccurate information with negative accurate information. If the information on your Credit Report is deemed ‘accurate’, that info can stay on your Credit Report for up to 7 years. Although you have the right to file a dispute, the question becomes when should you file a Credit Dispute.

Myth #4, FICO Scores range as high as they can go. Not true. FAIR ISSAC COMPANY Scores range from around 350 to 850. Anything around 500 is considered a HIGH RISK while 650 or better is rated a LOW to MODERATE Risk.

The BIG 3 CB’s use your information as reported to FICO (another business – not a Governmental Agency :) . The BIG 3 CB’s determine your Credit Worthiness based primarily on your information stored in the FICO Data Base. Trust me, these are just 4 of hundreds of myths surrounding Do it yourself Credit Repair.

If you want to repair your Credit for YOURSELF in a safe, legal, reliable and responsible way, we invite you to purchase OPERATION 3 CREDIT REPAIR. It’s included in the DEBT WARRIORS ARSENAL

In Operation Credit Repair we show you:

  • How to locate all false information on your Credit Report!
  • How to properly file a Credit Dispute without it being ignored as ‘frivolous’ by the Big 3 Credit Bureaus!
  • How to successfully get a written response within 10 days!
  • How to have negative and inaccurate information deleted within 30 business days!

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DEBT WARRIORS™ are not Attorneys. The information on this blog, should not be considered legal advice.


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