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Credit Report: Myth or Reality
by H. Randolph
1. Is it a myth or reality that you have more than one credit score?A. Reality. There are 3 credit companies (Equifax, TransUnion, and Experian) that produce 3 credit scores.2. Is it a myth or reality that bad credit will drop off a

1. Is it a myth or reality that you have more than one credit score?

A. Reality. There are 3 credit companies (Equifax, TransUnion, and Experian) that produce 3 credit scores.

2. Is it a myth or reality that bad credit will drop off after seven years?

A. Myth. If an account is in collections and the creditor reports this every month, that account will remain on your credit report for as long as the creditor reports it. It will drop off 7 years from the report date. So if the creditor reports every month, then your 7 years starts over every month.

3. Is it myth or reality that you can pay someone to clean up your credit?

A. Definitely myth. Youíre throwing away money. This is called a very temporary quick fix that you can do yourself. What companies do is dispute every credit line that is derogatory at the end of the month to saturate the credit companies who then contact the creditors. The creditors have 30 days to respond. If they donít respond in 30 days, the disputed credit line is dropped off your credit. However, once the creditor responds, even though it is after 30 days, that disputed credit line is added back to your credit report and you are back at square one.

4. What is the best way to clean up your credit report?

A. The best way is to pay your creditors on time every month. If you have collections or judgments, try to make a settlement payment or make payment arrangements.

5. How do you build your credit score?

A. You build your credit score by paying bills on time. Keep balances low on credit cards. Apply for and open new credit accounts only as needed. Also, donít close unused credit cards as a strategy to raise your credit score, it will only hurt your score.

Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. And like most people with bad credit, including myself, we want to correct our mistakes.

I've made mistakes like everyone and did not take my credit seriously. I've also fallen for the Credit Repair Scams from companies. And like I wrote earlier, I just threw that money away.

I'm not ashamed to say I had bad credit. But I did something to correct it. It's never to late. The best way to start is re-establishing credit and keeping it in good standings.

We all deserve to be happy in life without any worries and problems.

I just want to let all know that the Devil is a liar. You can have the same opportunities as someone with good credit. There are companies out there that will work with people with bad credit. But you have to be serious about being responsible and maintaining that good credit you get.

Check out for those companies wanting to give you another chance.

Don't wait another day. Get started now!

H. Randolph is a professional freelance writer and an avid budgeter who does research and reviews at for consumers wanting to save money and get the most for their money.

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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