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DIY Credit Repair: Top 4 Myths About Credit Bureaus

11/18/2009

Myth #1. The BIG 3 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 businesses.
I repeat, the Big 3 Credit Bureaus are  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. This is False!. Credit Bureaus have to adhere to many U.S. Federal Laws. In addition there are many Laws that protect you, the consumer from unfair practices or inaccurate  information being listed on your Credit Report.

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 (FICO) Scores range from around 350 to 850. Anything around 500 is considered a HIGH RISK while 650 or higher is  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 personal information stored in the FICO Data Base.

Trust me, these are just 4 of hundreds of myths surrounding Do it yourself Credit Repair.

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  • 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.

Posted in 4 Myths about the big 3 Credit Bureaus, Do it yourself Credit Repair, Equifax, Experian, TransUnion | Tagged , , , , , , , , |

One comment

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