10 Common Credit Myths

12 June 2009


There is a lot of information out there about credit. Not all of it is true, here are some common credit myths: 


1. When I pay off a past-due account, such as a charge-off or a collection account, it will show "paid" and will no longer negatively affect my credit report. (Unfortunately, paying off a charge-off won't remove it from your report. In fact, it will likely stay on your report for 7 years after your payment.)


2. If I succeed in deleting a negative item, it will just come right back on my credit report. (All of our results are guaranteed permanent.)

3. There are negative listings, such as bankruptcies and foreclosures, that are impossible to remove from the credit report. (Call TCS, we may be able to get those items removed.)

4. Disputing the credit report is easy and any consumer can do it himself for the price of a few postage stamps. (Not always the case. Any items you get removed will likely return.)

5. If I declare bankruptcy, I can begin my credit report all over with a clean slate.

6. If you are not satisfied with the results of your credit bureau challenge, you may file a "100-word statement" on your credit report explaining your side of the story.

7. By changing numbers in my social security number or by using an EIN tax number, I can fool the credit bureaus into creating a completely clean, new credit file under my name. (This is NOT legal!)

8. If I build enough good credit, it will offset my bad credit and make me credit worthy.

9. I can improve my credit score by closing down some credit cards. (You want to keep the credit cards with a long, positive credit history.)

10. It is illegal for creditors to take a negative, accurate listing off my credit report.


If you have derogatory items on your credit report, call TCS at 1-888-669-7372 and we can help!

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