10 Myths Of Credit Reporting One Must Know Part 3 Of 5

10 Myths Of Credit Reporting One Must Know Part 3 Of 5

I’ve been working with credit challenged families for about 6 years now.  What I’ve discovered is there are common threads of thought the public has about the credit reporting sector.  I’ve compiled these perceptions into 10 MYTHS of Credit Reporting one must know:Check out Myths 3 and 4 here: 10 myths of credit reporting one must know - Part 2 of 5 

Myth #5 - The credit bureau allows me to submit my 100-word explanation. Creditors will read my statement and take it into consideration. 

Fact - No known creditors consider the information submitted in your statement. This statement only verifies some of the negative items on your report. The 100-word explanation should be the first thing deleted from your credit file.  

Myth #6 - The credit bureaus are a branch of the government, infallible, and above reproach. 

FactThe credit bureaus are publicly traded companies in business to increase the net worth of stockholders . . . not government agencies. They are one of the most heavily regulated industries whose strict regulations stem from a public outcry of abuses and mistakes. A recent survey by an independent research group revealed more than 70% of credit reports contained errors. The prevalence of errors has lead to consumer protection legislation that allows consumers to challenge the bureaus and force the removal of inaccurate, outdated or unverifiable information.

Blog submitted by: Ron Cooks of The Real Estate Market Place – Servicing the Greater Fort Hood area which includes: Killeen, Harker Heights, Temple, Belton, Copperas Cove and Nolanville. Feel free to call if you have any questions regarding Central Texas Real Estate.

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Phone: 254-702-0064
Dated: November 3rd 2014
Views: 457
About Ron: I’m a retired Army Warrant Officer that served our nation for 25 years. I was born and reared in ...

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