Myths the Credit Bureaus Want You to Believe #1 of 10

Myths The Credit Bureaus Want You To Believe
-By Todd Wilson

Myth No. 1 – It is easy to dispute a credit report. Consumer’s can resolve their own issues.

To be honest, it IS simple to challenge a credit report. However, as an everyday person, it’s amazingly difficult and frustrating to get results from the credit bureaus. Here’s why.

This is a little-known fact. More complaints to the Federal Trade Commission involve credit bureaus than any other type of company. The major credit bureaus have paid fines of $2.5 million over the years due to failure to respond properly to charges.

The main objective of credit bureaus is to protect their profits. They are NOT government agencies. They are for profit organizations. Anytime they have to investigate a consumer disputes it eats into those profits. Investigations take up time and energy too. The credit bureaus do everything in their power to make restoring your credit exceedingly difficult, short of sparking more massive lawsuits.

Attempting to restore your own credit means you must be willing to spend time learning about the process. This is why it is so difficult when you are inexperienced. In most cases you may be less effective than if you hired a professional. Realize that credit restoration will most likely take longer than you expected.

Stay tuned for the next installment on my blog where I give you the second myth the credit bureaus want you to believe.

If you have further questions about credit repair or would like to find out if you could benefit from credit repair, please e-mail me at loans@norcalloantips.com.