Myth #1- Paying off an old debt means it is no longer being reported or damaging your FICO score.
Reality:
False. It just means that it shows as no balance owed but it is still hurting your score. Paid charge offs or collections
are still bad credit that must be negotiated off. Many creditors will not do this and the item remains and continues to hurt
your score. For this reason, I advise people not to pay off old debts being reported.
Myth #2- When sending dispute letters to the bureaus, a real person reads them.
Reality:
False. A computer scans it and assigns it a 2 digit code that categorizes your reason for dispute. Knowing how to word
letters is extremely important. This system is known as E-Oscar.
Myth #3- Credit bureaus verify your account with the creditor.
Reality:
In some cases they do, most times they verify off their internal records. Knowledge of how to catch them when they do
this is the key to fast credit repair.
Myth #4- Cleaning credit is easy.
Reality:
In some cases, it can be but most of the time, it requires skill like anything else. Under pressure from the collectors
fight tooth and nail to keep items on your report. Banks use entries to track down debtors that skip out.
Myth #5- Getting a deletion of a bad credit entry will always raise my FICO score.
Reality:
Not always. Many do it yourself credit repair people have found this out the hard way. Get an item deleted and see a
score DECREASE. Believe it or not, there are times when you want to leave bad credit on your report. Sometimes
and entry will contain more good credit than the bad credit you are removing.
Myth #6- Your creditors know the law.
Reality:
Rarely does a creditor, collection agency, credit bureau, or their employees know the law. We always assume that because
they administer their claims in a systematic way, they must know the law. Nothing could be further from the truth. They
are just "systematically" violating your rights. The first rule of credit repair is to never confuse what your creditors do
routinely with what they can do LEGALLY. Not knowing how to hold them accountable is the biggest reason so many people can't
get bad credit off their reports.
Myth #7- The burden of proof is on the consumer
Reality:
The burden of proof is on the creditor or collection agency who reports the entry. They must show that their claim is
accurate to the letter of the law. Collection agencies love to tell you that they can't remove an item "by law" This is not
true. Nothing requires them to report an entry. They also love to tell you the burden of proof is on you. We don't let them
get away with it.
Myth #8- There is nothing you can do to clean your credit but write dispute letters to the bureaus.
Reality:
Repetitive disputes are a very passive way of cleaning credit that neglects your rights. It is toothless. Although this
is the commonly accepted means that average consumers use, it doesn't have enough bite. Only a skilled credit repair specialist
can bind an ORIGINAL CREDITORS, CREDIT BUREAUS, CREDIT CARD COMPANIES & COLLECTION AGENCIES are all regulated by different
federal statues. Unlike collection agencies, the original creditor is exempt from liability even if they violate your rights.
We can help you get around this by working the law EXACTLY as it is written and applying precedent from the courts. There
are two other bodies of law that are advantageous to you. We tangle up 3 different bodies of law exploit routine practices
in the colllection industry making validation almost impossilble.
We challenge everything a creditor sends you as insufficient.
We use every trick in the book to get the entry off your report.
