Poor Credit Rating

Welcome back!

• Credit Bureaus are empowered with some kind of governmental authority.

No not at all, credit bureaus have no legal authority at all. They are simply private companies selling credit information.

• The information on your credit report cannot be changed.

The opposite is true under the Fair Credit Reporting Act. Both the federal and various state laws REQUIRE that items should be removed if they are not 100% accurate.

• Paying a past due debt removes it from your credit report.

Paying an old debt does not change the fact that at one time you were not paying on it as you agreed. Can this record be changed? Absolutely!

• I can repair my credit report myself.

Yes, you can! You don’t want to live with bad credit or pay thousands of dollars to have it corrected.

• Inquiries will not affect your credit standing.

Anything that diminish your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is ok, but any more than that and they begin to tell a story of their own. Any credit grantor will look at your credit report and think that you are desperate for credit.