Credit Repair Myths, Facts and the Law

• Myth: Credit agencies have governmental authority.
  
  Fact: Credit agencies have no such power. They are simply private or public companies who are in business of collecting, reporting and selling credit information about you.


• Myth: Creditors must report credit information about you to the credit bureaus. Credit bureaus are required to keep this information for a period of 7-10 years and it impossible or illegal to change it.
  
  Fact: There is absolutely no requirement by law that anyone reports anything about you at all. The information may be reported, however if the data is disputed and found inaccurate, misleading, outdated/obsolete or it cannot be verified, the Fair Credit Reporting Act requires that such information be changed or removed permanently.