Professional Credit Repair - Credit Myths. - - - - - - - - - - - - - - - - - - Everyone knows and possibly believes in a great myth. Whether it’s the Loch Ness Monster, Bigfoot or alien crop circles, we’re all hooked to some extent. Unless you have serious plans to spend time across the pond diving for prehistoric marine mammals, your belief in the mythical probably won’t become a serious threat to your wallet. However, myths about your credit affects your wallet everyday. Here are the most common credit myths and what you can do about them.
- - - - - - - - - - - - - - - - - - MYTH #1 - The Government Mandates Reporting of Credit The fact is the government has no involvement with credit and the scores associated with it. The reporting agencies are no more than controllers of consumers’ money with motives to protect creditors. The reporting system we know today is simply a business. There are many myths about credit and this one is the most prevalent. The reporting agencies and creditors are running a multi-billion dollar business on this belief. The agencies would have you fearful of late payments, bankruptcies, financial hardships and divorce. To perpetuate this fear enables the creditors for whom the reporting agencies are paid, to create credit scores in order to charge you more money in interest on loans. Credit reports are a symbiotic relationship between reporting agencies that report your payment history to future creditors. The federal government only mandates the business in the process of reporting true and correct credit information. At American Home Rescue Services, our job is to demand that reporting agencies and creditors follow the federal governmental guidelines by holding them accountable to the law… for you, your family and your future credit worthiness. ~ top ~ I'd like to get started ~
- - - - - - - - - - - - - - - - - - MYTH #2 - Credit dings are required to be on my report for six seven, and even 10 years! Since the early 1970’s, the Fair Credit Reporting Act, the governmental law, has allowed people to confidently remove erroneous and incorrect information from their credit files. To develop a myth that a negative item is required to show on your credit for any length of time is an absolute falsehood. The reporting agencies and creditors do not want you to know of your rights, as you would obtain better credit scores, thus lowering your ability to borrow money at a fair price. It’s deceptive, it’s damaging, and it’s wrong. American Home Rescue Services realizes the importance of the cost of borrowing money; we’re here to help ensure your credit report isn’t victim to these lies and deceptive tactics. ~ top ~ I'd like to get started ~
- - - - - - - - - - - - - - - - - - MYTH #3 - Your negative credit items will automatically “fall off” after a certain amount of time. The credit reporting agencies have no intention of doing you any favors. They don’t have the resources for researching archived files and updating your report so you can live a much easier and profitable life. Negative information on your report such as collections, late payments, judgments and more may reflect on your report forever. Why? Because when you attempt to purchase a home, car or other credit loans, creditors want to insure that you will not qualify to borrow money. Creditors know that you will have to pay money to move forward, and that most of your purchases are emotional; home buying, car buying, weddings, college loans, and more. Remember – the reporting agencies are just reporting agencies; they do not act as a legal means to collect a debt. If you don’t have the proper tools like American Home Rescue Services, you could pay thousands more than you have to. The burden of proof is on the reporting agencies and the creditors. And that’s where American Home Rescue Services can help. Trust American Home Rescue Services to know every strategy in removing erroneous and incorrect information from your credit report. ~ top ~ I'd like to get started ~
- - - - - - - - - - - - - - - - - - Our team of legal professionals enforces the Fair Credit Reporting Act to the fullest extent the law provides. American Home Rescue Services utilizes the latest technology and methods to effectively accomplish your goals, guaranteed. Watch Your Progress Online!
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