Painless Credit Repair

Credit Score Myth #1

Paying off a past due account will delete the negative account from your credit report. A late payment is just that, and there is no changing it. When you pay off an outstanding debt, your credit report will still show the listing as a negative.

Credit Score Myth #2

Bankruptcies and foreclosures cannot be deleted from a credit history. These types of negative listings on your credit report can be deleted. There are companies such as Lexington Law who specialize in getting negative listings, like bankruptcy and foreclosures, deleted. Although you can educate yourself and try to get these negative credit listings removed by yourself, it is recommended you enroll in a credit repair program to get these types of listing deleted.

Credit Score Myth #3

Disputing and getting a negative credit listing removed from a credit report is easy. It is simple to dispute a negative credit listing, but following up with the credit bureaus and getting the listing deleted is a difficult and time consuming process. There are credit repair companies who can make this less frustrating.

Credit Score Myth #4

Bankruptcy will allow me to start clean with a new credit history. The fact is bankruptcy is the absolute worst possible thing you can do to your credit history. Your credit report shows every account you choose to include in your bankruptcy as “Included In Bankruptcy”. This creates multiple negative listings, even if the listing was in good standing before. If not dealt with properly, your credit report will show multiple negative listings for up to 10 years as a result of filing for bankruptcy.

Credit Score Myth #5

Closing credit card accounts will increase my credit score. You reduce the amount of instant credit accessible to you when you close credit card accounts. Closing these accounts can and will bring your credit score down. As long as you keep your credit card balances under 35% of the limit, you can keep multiple open accounts. And as always, pay your statements on time.