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Credit Reporting Myths

Understanding and dealing with credit reports, credit scores and credit reporting agencies, themselves, can be a difficult and frustrating thing to do. With the amount of influence they have over your life, though, it is something that you should consider undertaking. Far too many people just throw their hands in the air and hope for the best. It is possible to have an affect on your credit score, if you understand how credit reporting agencies function and you’re able to separate myth from fact.
 

Many people assume that a bankruptcy will stay on their credit record for seven years. This is a myth. A bankruptcy will stay on your credit record for ten years. Negative credit will stay on your credit report for seven years. Another myth is that the seven-year clock starts ticking from the time the negative credit is recorded on your credit report. The seven-year clock starts at the time the first delinquent payment was recorded, that initiated the negative credit report.
 

 So this is something to check for when you are examining your credit report for errors. A delinquent account can spend some time with a collection agency, before it is reported to a credit agency. Another myth is that you can’t stop negative credit from being recorded by a credit agency. If you have a delinquent account or accounts that you would like to pay off and avoid the delinquency being reported, then you can hire professional help to negotiate on your behalf. They can try to include in the payoff agreement that the negative information not be reported.
 

If you just pay off a delinquent account that has gone into collections, you will still receive a "paid collection" on your credit report. The truth is that anything is possible when it comes to credit repair. If you have the recourses and the determination and are willing to jump through the necessary hoops, then it is not out of the question that you can have negative credit deleted from your credit report.
 

Procuring the services of a reputable expert is a must if you are going to take a stab at having legitimate negative credit removed from your credit report. The first step anyone should take, before they wade into the area of credit repair, is to thoroughly understand as much as they can about credit reports and credit agencies and how they function. Trying to get anything done without a thorough understanding is almost impossible.



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