7 Costly Misconceptions About Credit Repair


Repairing your credit isn't hard. You can do it yourself -- or you can hire a qualified, reputable professional to help you. Here are 7 costly misconceptions about credit repair that could thwart your attempts to improve your bad credit rating or prevent you from maintaining your good credit score while struggling with debt or bankruptcy.

MISCONCEPTON #1: If you declare bankruptcy, your credit report is erased and you start with a clean slate. Not true. Many bankruptcy lawyers do not understand or explain the effects of bankruptcy to their clients. When you file for bankruptcy, every credit account you include will be labeled as "included in bankruptcy." In addition, your bankruptcy filing and discharge will appear in the court records section of your credit report. Many negative items are attached to a bankruptcy. As a result, it's hard to remove all traces of the bankruptcy.

MISCONCEPTION #2: Negative entries -- such as bankruptcies and foreclosures -- cannot be removed from your credit report. False. Every type of negative entry on your credit report can be removed from your credit report. Some negative items, such as bankruptcy and unpaid debts, are harder to remove than others. This is because of the way credit bureaus treat certain types of negative entries. Other negative entries, like judgments and tax liens, are highly negative, yet easier to erase.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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