Thursday, December 18, 2008

Myths and Bad Advice Regarding Credit Repair - Part 1

I like to read a lot. It usually starts out with doing a little research and then I end up spending hours and hours just reading articles, one after the other, all because I read something that just bugs me. I try to find more articles by different people spewing the same nonsense. It gets me in the writing mode.

So today, I was watching some videos and reading articles relating to credit repair and I have to tell you, boy, if you don't know the real truths about what they're saying, you're gonna believe your credit is going to suck for years and years. It simply is not so!

Let's start off with why there is so much bad information being put out there. There have always been people with bad credit. There have always been people who wanted to clean up their credit without waiting 7 - 10 years for stuff to "fall off". Many years ago, the courts made a ruling that not only can you work on cleaning up bad trade lines on your credit, they decided that one could use a third party to work on it for them. At this point, credit repair companies started emerging out of the woodwork.

Well, the credit bureaus knew that though many of the credit repair companies would be looking for a quick buck and attempt to do a mediocre job, there would be some that would study the laws and successfully be able to help repair their clients' credit. The bureaus are nationally traded companies. They are not government agencies. They store credit information and sell credit information to make big money. Bad credit is BIG BUCKS! Successfully removing bad credit from credit reports cuts into their Big Profits!

So, they set out on a huge, massive campaign to distort the truth and confuse consumers. Their plan was to make the consumer believe that once bad credit is on your report, you're stuck with it for 7 - 10 years. They have been mighty successful with this campaign. They write articles about credit reports too. They just don't tell the whole truth. They pick apart the truth and put in partial truths. They slant the information to hide the true facts about information reported on your credit report. They need to deter individuals from even contemplating the chore of fixing their credit to protect their profits.

Next, you have people who buy into the garbage the credit bureaus are trying to brainwash everyone with. They unknowingly (usually) further the campaign of the credit bureaus. You have people who write articles online. You also have online marketers that set up content websites to make money off of affiliate products and adsense. They use those articles and write articles of their own to put on the websites. The writers take the information the bureaus put out and just regurgitate it in their own words. After writing lots of articles, oh wow, they're an expert. NOT! But, they are "perceived" as experts. The problem is, they really didn't do thorough research. They took one-sided information and repeated it. Now multiply that by thousands of article writers and what do you get? Thousands and thousands of articles on lots and lots of websites, writing the same crap over and over again!

Not here! I actually like research. I actually have read the Fair Credit Reporting Act (FCRA), the Fair Debt Collections Practices Act (FDCPA), the Fair Credit Billing Act (FCBA), the Fair and Accurate Credit Transactions Act (FACTA), (all of which are credit laws written to protect the consumer - not the credit bureaus), lots of case law and lots of information on state statutes.

So when I talk about credit repair and when I do credit repair, I know what I'm saying is the truth and I know what I'm doing for each client is legal. My truths come from the laws that were written to protect us, the consumers. My work for my clients is legally done and uses the laws to remove the bad credit.

In Part 2 of this topic, I will share some of the information that is put out there for you to believe. I will tell you if it is the truth, a partial truth or just utter BS. I will also tell you what the real truth is and back it up with the law or laws to prove it when applicable!

Stay tuned!

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