10 myths about your credit!

Discussion in 'Credit Talk' started by PSUgirl, Jun 14, 2001.

  1. PSUgirl

    PSUgirl Guest

    Ten Greatest Myths About Your Credit
    1.Credit Bureaus are empowered with some kind of governmental authority.
    Credit bureaus have no legal authority at all, they are simply private companies who are in the business of selling credit information.

    2.The credit bureaus are required by law to keep derogatory items on your credit report for 7 to 10 years.
    There is no law that the credit bureaus report anything on you at all. Just the opposite is true! Credit bureaus are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.

    3.It is impossible to get a bankruptcy off.
    Bankruptcies come off just like any other derogatory that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified. Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.

    4.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 be removed if they are not 100% accurate ore cannot be verified in a timely manner.

    5.It is illegal or immoral to have the information on your credit report altered or removed.
    Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about. It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit bureaus into our lives.

    6.Paying a past due debt removes it from your credit report.
    Just because you pay an old debt does not change or erase the fact that at one time you were not paying on it as you agreed. Can this record be changed? Absolutely!

    7.Inquiries are not derogatory and will not affect your credit standing.
    Anything that erodes your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is not too bad, but any more than that and they begin to tell a story of their own. Any prospective credit grantor will look at your credit report and think that you are desperate for credit.

    8.If you get a derogatory item removed, it will just come back.
    Not if it is removed legally. When it is removed with cause under the Fair Credit reporting Act it cannot legally be placed back on your credit report. The same law that required its removal prohibits it from being placed back on.

    9.The past equals the future.
    This is the biggest myth of all. The concept that once bad, always bad, or at least for 7 years is totally false. Anybody can run into hard times or an emergency situation now and then, but that doesnâ??t automatically mean that they are a poor credit risk for a magical 7 years. The simple truth is, no credit report can predict the future.

    10.I can't repair my credit report myself.
    Yes, you can! And you will find all of the information you need to do it right here! The simple truth is you donâ??t have to live with bad credit or pay thousands of dollars to have it corrected.

  2. judyputy

    judyputy Well-Known Member

    Ditto again.......

    Also...it's not very wise to change the words around. Somewhere this stuff is copyrighted!
    You need to credit the site. Not just put your name on the bottom!!
  3. Momof3

    Momof3 Well-Known Member

    Thanks Greg variety of helpful links, I knew the above was copied and pasted , appropriate spelling and english gave it away.
  4. judyputy

    judyputy Well-Known Member


    LOL!!!!!!!!! I almost fell out of the chair!!!!!!!!!!appropriate english!!!! LOL!!!!!!
  5. PSUgirl

    PSUgirl Guest


    thanks again Greg!

    and to the other, no names needed, why dont you get a real life. Is that all that you do all day is wait on the board for me to post so you can follow me around like a pet, how pathetic. If you had me on ignore like you said, you would not see my posts, stop letting me get to you. What are you, a computer bully (heehee) because i wouldnt want to hurt your computer feelings, or maybe this is real life to you! :)

  6. Momof3

    Momof3 Well-Known Member

    Funny time seems to be on your side, all that time to copy and paste another site's material, amazing and I enjoy my time on the boards thank you:)
  7. PSUgirl

    PSUgirl Guest

    You have no idea where i got that information, I wasnt trying to play it off as mine own. Everyone knows about the "10 greatest myths about your credit" I posted it for others.

    Im sure you do enjoy the computer, it says alot about you and how pathetic your life is. I think your a joke, ive never heard of people getting hot and steamed over words on a credit board, never heard of anyone getting jelous over someone they dont know, never heard of anyone showing their insecurity and low self esteem on a board. What a joke! hahaha

    well, i have to run to peir 1, so, you can continue to ramble on to me like your important to me. Ill be back in around 1 hr. enjoy!

    parties, love, and happy valley
  8. Momof3

    Momof3 Well-Known Member

    I suggest you go back to coping and pasting, at least then YOUR grammar would be accurate.

    And as for getting upset, I am not in the least. I just love to see just how more moronic you can become, and it's keeps getting better and better LOL
  9. judyputy

    judyputy Well-Known Member

    If you didn't mean to play it off as your own then why not give the credit???? You just added your name and changed it around??
  10. tmitchell

    tmitchell Well-Known Member


    I'm sure PSUGirl wasn't trying to pass the info off as hers. She was simply signing her post (not crediting herself with the info).


  11. creditwork

    creditwork Well-Known Member

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