Copyright 2008 Karuna Financial Logistics Network. The information contained on this site is the property of KFLN or is used by permission from the various companies we represent.
Myth: Credit Bureaus always portray your credit file accurately.
Fact: Nearly 8 out of 10 credit reports have inaccurate information
or other serious errors.
Myth: Credit repair is illegal.
Fact: No one protects your credit report but you. Credit bureaus are
businesses that thrive on selling your personal information to
anyone willing to pay as little as ten cents for your name. Last
year they made 4.2 billion dollars selling your name and personal
information to junk mail companies, phone solicitors, creditors,
employers and landlords.
Myth: Negative information on your credit report is required to stay
there for seven years and bankruptcies for ten years.
Fact: No law requires that derogatory information must stay on
your report; it may be removed at any time.
Myth: Negative information is always removed after seven or ten years.
Fact: Negative information may remain on your credit forever if you do
not exercise your right to have it removed.
Myth: A government agency watches over and protects your credit report.
Myth: My credit score isn't that important.
Fact: Your credit score is increasingly important in your day to day activities.
From obtaining a mortgage to obtaining credit to applying for
employment a low credit score can adversly affect these areas of
your life. Even your insurance rates are effected by your credit score.
