Myths of Credit Repair pt. 6

I know that busting this myth is going to cause some pain for the credit reporting agencies, but that's OK. Maybe once we blow away the smoke and crack their mirrors, the consumers won't take their bullying anymore.

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

False, false and false! The credit bureaus are publicly traded companies in business to impress the stockholders. They are NOT government agencies! In fact, they are one of the most regulated industries because of public outcry due to their history of abuses and mistakes.

A recent survey reported that more that 79% of credit reports contained mistakes or errors. It is because of these errors that the government has stepped in with legalisation that allows consumers to challenge the bureaus and force the removal of inaccurate, outdated, or unverifiable information.

Unfortunately, even with the legislation in place, it has become very difficult for the average consumer to get incorrect information corrected or removed.

Next time, we'll talk about getting a totally new credit file as a way to improve your score.

Scott

Scott Swinford is an Executive Consultant for the US Consumer Credit Restoration Association and a Certified Mortgage Planning Specialist in Northwest Indiana. If you have any questions, you can send email to scott@USCCRAonline.com.