3 Credit Card Myths That You Shouldn’t Fall For
The recession has caused a lot of damage in the form of foreclosures, job losses and bankruptcies and so on and so forth. As a result of this, a number of people are struggling with bad credit and want to fix this as soon as possible.
However, it is safe to say that it doesn’t happen overnight. So, with that said, here are 3 credit card myths that you shouldn’t fall for:
#1: Paying off old debts will fix my score
The reason why this is false is because the balance owed doesn’t matter all that much not unless you’re able to stop the collection agency from reporting the debt. Unfortunately, it isn’t the same as paying off your current balance owed. So, start with paying off your most recent debts and move on to older ones then.
#2: Credit repair firms can fix my debt
People are beguiled into thinking that credit repair firms have knowledge of loopholes in the law which can help them fix their debt. This is false. In fact, whatever these credit repair firms say they can do for you can be fixed by yourself by looking at a number of websites or at their local library.
#3: Disputing information will remove it from your credit report
When credit bureaus investigate disputes, they do not take the information off your report but wait for the company to check its validity before doing so. If they don’t respond within a stipulated time frame, the information can be deleted temporarily if the company does not remove it from their own records. This is why one should check their credit reports as regularly as possible.