Credit Myths Exposed

*An Account May Only Stay On My Credit Report for 7 Years
*False:  Accounts may stay on your credit report for 7 years after the date of last activity on the account.  This means if you make a payment on the account, if the account is charged off, sold to a collection agency, etc. then the 7 years start over.  Plus, public records stay on your credit for 10 years after the account is resolved.

*Creditors Have to Delete Accounts from My Credit Report Once Paid
*False:  Your creditors are not legally obligated to remove paid accounts from your credit report.  They are supposed to update the balance on the account; however, many times they do not fulfill even this obligation. 

*Being Turned Down for a Loan Hurts My Credit
*False:  Creditors are not legally allowed to put a note on your credit report if they turn you down for a loan.  However, the simple fact of having your credit pulled for the application can lower your score approximately 1-3 points.

*Creditors Have the Right to Call Me to Collect a Debt
*True:  Your creditors may call you (depending upon the state in which you live) to try to collect a debt UNLESS you request to only be contacted via mail.  If a creditor is harrassing you, you have the right to make this request to stop the calls.

Dealing with credit issues can be very overwhelming.  We strongly recommend that you rely on professionals to guide you through the process of fixing your past credit problems.  If you need help with your credit, please call 704-503-3669 today.  We are waiting to hear from you!