• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Personal FinanceThe Seven Deadly Myths About Credit
Video Transcript

Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

The Seven Deadly Myths About Credit

September 21, 2013 by National Debt Relief

woman making financial decisionsUnless you’re able to “live off the grid,” credit is an everyday part of your life. In fact, most of us wouldn’t be able to live decent lives without credit. We use credit almost daily when we buy something with a credit card. If you own your home, you probably have a mortgage. And chances are that you also have an auto loan, a personal loan or a personal line of credit. So it’s important that you know the seven deadly myths about credit.

  1. Credit bureaus must investigate any dispute you file within 30 days
  2. If you dispute information, it will be removed your credit report
  3. Credit repair firms have secret ways of fixing things
  4. If you pay off an old debt this will help your credit score
  5. You just can’t get errors removed from your credit reports
  6. It will help you get approved if I have a new credit identity
  7. Credit repair is never more than a scam

Here are the details regarding these myths.

When you file a dispute a credit bureau it must investigate it within 30 days

Yes, there is a federal law that requires the credit bureaus to investigate any disputes about errors on credit reports and then report the results of this investigation to you within 30 days. However, there is a loophole. Under the Fair Credit Reporting Act, these bureaus don’t have to look into any disputes that they consider being “frivolous or irrelevant.” This means they can look at your dispute and refuse to investigate it. However, if you do it right, as shown in this video, the odds are great that the bureau will investigate your claim and you could have it removed from your report.

If you dispute information, it will be removed your credit report

When you dispute a negative item, the credit bureau will not remove it from your report while investigating it. They will wait to hear back from whichever company provided the information. In the event the company does not respond in time, the credit bureau will probably remove the disputed information from your file. However, this does not necessarily mean that the creditor has removed the data from its own records. In this case, it could pop up again on your reports.

Credit repair firms have secret ways of fixing things

If you contact a credit repair firm it will claim that it has special industry knowledge and insights that could help you. You might be led to believe that there are holes in the law and that the credit repair firm knows how to take advantage of them and get things off your credit report. However, the big secret of credit repair is that you can get the same information free from reputable websites or your local library. For example, you could go to the FTC’s page on credit repair or get your credit reports free at www.annaulcreditreport.com. You could also go to Credit and get a free credit report card based on your Experian credit report, which will include personalized advice as to how you could improve your credit score.

If you pay off an old debt this will help your credit scoreMan climbing credi score numbers

Do you believe that if you pay off an old debt this will remove it from your credit report? Then you’re wrong. The fact is that if you zero out the balance on a past-due debt this may or may not help your credit score. If the debt appears as a collection account, how much you owe is usually irrelevant when it comes to your FICO scoring. So paying it off won’t help a great deal unless you can convince the collection agency to stop reporting the debt to the credit bureaus. And this is typically difficult to do.

You just can’t get errors removed from your credit reports

The reality is that it is possible to get errors removed. The FTC recently released a study that four out of five consumers who filed disputes with the credit reporting bureaus saw some adjustments to their credit reports. Today’s credit reporting system is so highly automated that it’s possible to get ignored or trapped in an endless loop of information being deleted and then reappearing. This means that the dispute process can be lengthy, time-consuming and frustrating. However, if you stay at it you can actually get erroneous information removed.

It will help me get approved if I have a new credit identity

If you contact a credit repair firm that says it can get you a fresh start with a new credit identity, understand that you’re dealing with con artist. These outfits may be selling stolen Social Security numbers or they may suggest that you get a Federal employer identification number (EIN) and use it instead of your Social Security number when you apply for credit. But regardless of which of these you choose, you’re committing fraud. For that matter, if you try to use someone else’s Social Security number you’re also committing identity theft. Plus, you can actually wind up with a completely blank credit history. You might find it harder to get credit if you have no credit history then if you have one with problems.

Credit repair is a scam

If you read about credit repair outfits, you’ve probably read a bunch of nasty things about them and have concluded they’re all scam artists. But that’s not always true. If you get your credit reports and try to read them, you could feel as if you were reading something written in a foreign language. You might get the gist of what’s in your reports but you may feel that you’re missing out on some important subtleties. In this case, a credit repair company might be helpful. However, you could actually educate yourself.

As an example of this, for $30 the Experian Credit Educator will give you a 20-minute, one-on-one phone call with an agent that will give you a detailed walk-through of your credit repair components and will offer insights for things you could do in the future to better manage your credit. Or you could go to a credit-counseling agency for help. Some of these will actually do credit report reviews. Finally, if you buy your FICO score at www.myfico.com for $19.95, you’ll also get a report that will explain the reasons behind your score and suggestions for improving it.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
 Trusted By Our Clients

"The reps were helpful. They explained the program to us so th..."

Easy National Debt Relief Caller: April Transcribed WE 1/24/2021 April: Well calls may be recorded. And so with the National Debt Relief, give me a summary about your overall experience then with National Debt Relief. KELI: Honestly, it's been simple and easy. And there hasn't been a negative about it. April: Well, so how was the interaction with, I guess, the consultants who helped guide you through your program? KELI: They were helpful. They explained it to us so that we understood it. Any questions we had, they answered it. April: What point are you in the program at this point or have you completed it? KELI: We are, I think, a quarter all the way through it. April: So on a scale of one to five, where would you rate National Debt Relief, if five star says you'd recommend this to your friends, down to one star meaning you're very dissatisfied? KELI: I would recommend, definitely. April: Okay. So that’s officially a 5 star for you? KELI: Yes. I'm sorry. April: How would you summarize your overall experience at National Debt Relief? KELI: Just the fact that it was easy and everybody was helpful. April: I would like to also utilize your commentary then to help make a review for National Debt Relief. It will be on our public web page to help other consumers, would that be okay, with your permission? KELI: You're going to put it on there? Is that what you're saying? April: Yes. So what we do is we do reviews. And we only use a first name or we can make it anonymous. One of two options. And then out of courtesy, we also send a link to your email so you get to see or make adjustments as you need. So with that being said, is that something that you're okay with, we can make that review and we'll send you a link to it? KELI: That's fine. Can you make it anonymous though? I prefer not to have my name anywhere. April: Yes, ma'am. So the way I'll make it anonymous for you is just we’ll put a K, that’s the first letter of your first name. But with that email, I do have it as seaturtledreams@yahoo.com. KELI: Yes, ma'am.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Keli Dickerson
ConsumerAffairs Reviews

Latest Personal Finance Posts

  • How To Set Realistic New Year Money Goals
  • What Types of Accounts Do Banks Offer?
  • 5 Easy Tips On How To Build Wealth With Low Income
  • What Are The Benefits Of A Virtual Bank Savings Account?
  • Can I Combine All Bills Into One Payment?
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer