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Misconceptions On Fixing Bad Credit / Should I File For Bankruptcy?

Repairing your credit isn't hard, in fact you can do it yourself… or you can hire a qualified, reputable professional to complete the process for you. Most people believe they are beyond repair and think the only way to go is bankruptcy. Credit repair can either compliment a bankruptcy or help you avoid it all together. Here are 5 costly misconceptions about credit repair that prevent people from
 improving their bad credit or prevent them from maintaining a 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 at all. When you file for bankruptcy, every credit account you include will be labeled as "included in bankruptcy." Also your bankruptcy filing and discharge will appear in the court records section of your credit report. Many derogatory items are attached to a bankruptcy. As a result, it's not possible 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 report can be removed from your credit report. Some bad items are much harder to remove and require more time like bankruptcy and unpaid debt. At the same time negative entries like judgments and tax liens, are highly negative, but easier to remove. This is because of the classifications credit bureaus give certain types of negative entries.

MISCONCEPTION #3: When you pay off a past-due account such as a charge off or a collection account… it goes away. Not true. When you pay an old debt, you change the account status to "paid collection" It will still remain as a negative entry on your credit report for a maximum of seven years. This is one of the times paying off a debt can actually hurt you. If you have outstanding debt, it's smarter to seek professional help (credit repair) and as a result may be able to negotiate the amount and present a request that the negative entry will be deleted if that payment is made.

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MISCONCEPTION #4: If you build enough good credit, it will drown out the bad credit. Wrong again! One or two late payments will often trigger denials for a credit cards or personal loans. Even the smallest piece of negative credit will cause the interest on an auto loan to jump. No matter how much credit you have, good credit does not erase bad credit. 

MISCONCEPTION #5: If you succeed in deleting a negative entry on your credit report, it might come back. Not true. This misconception has spread through the media and government agencies for years. What actually happens is: The credit bureaus will often delete a negative listing temporarily if they haven't heard from the creditor after 30 days. If the creditor later verifies the negative entry, the credit bureau will often return the negative listing to your credit report.

Dealing with Reality

Unless you take action, these errors they will remain on your credit report for years. Post-bankruptcy credit report repair will have a direct impact on your credit scores. If you don’t explore the potential of credit report repair you’ll be leaving too much to chance. If you do the right things after a bankruptcy your report can be quite good within a few months of your discharge.

Quick Credit Clean LLC / QCC Financial Services

Do you want to "Fix my credit report" "clean up my credit report" We want to help, Quick Credit Clean in Maryland repairs credit fast and educates you so that you can keep it there. “Credit Repair How to Help Yourself” ”credit repair services” “Credit problems? No problem!” “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!” “We can erase your bad credit 100% guaranteed.” “Create a new credit identity legally.” “fix my credit” “fix my bad credit” “Help with my bad credit” “DOES CREDIT REPAIR WORK” “attorneys at the nation’s consumer protection agency” “legitimate credit repair” “quick fix for credit” “You can improve your credit report legitimately” “personal debt repayment plan” “Recognizing a Credit Repair” “have poor credit histories” “clean up their credit report” “get a car loan” “home mortgage” “improved credit report” “No one can remove accurate negative information” “you’re left with the same credit report” “If you see a credit repair offer” here’s how to tell if the company behind it is up to no good: The company wants you to pay for credit repair services before they provide any services. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised. The company doesn’t tell you your rights and what you can do for yourself for free. The company recommends that you do not contact any of the three major national credit reporting companies directly. The company tells you they can get rid of most or all the negative credit information in your credit report, even if that information is accurate and current. The company suggests that you try to invent a “new” credit identity and then, a new credit report by applying for an Employer Identification Number to use instead of your Social Security number. The company advises you to dispute all the information in your credit report, regardless of its accuracy or timeliness. If you follow illegal advice and commit fraud, you may find yourself in legal hot water, too: It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. You could be charged and prosecuted for mail or wire fraud if you use the mail, telephone, or Internet to apply for credit and provide false information. Your Rights Regarding Credit Repair No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA): You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. 

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