Dave's Blog

 Every time someone pulls my credit, it affects my credit scores. Fact: Every time someone pulls your credit an "inquiry" is placed on your credit report. Too many inquiries can and will lower your score.If we are shopping for a car or mortgage we are allowed a specified window of time to get a r...

 Inquiries that appear on my credit report do not affect my score. Fact: Lots of inquires can and will effect your credit score.Inquires will normally stay on your credit report for a period of one year. You do want to keep the number of inquires to bear minimum.Every time you apply for credit, a...

 Negative Information that appears on my credit report stays on the report forever. Fact: Most negative information does drop off your credit report after seven years.There are exceptions to the seven year rule however. Bankruptcy information can stay on a credit report for ten (10) years...infor...

 I only need to correct my credit report with one Credit Bureau. Fact: Credit Reporting Agencies do not share information with each other.Even if one Credit Bureau cannot verify information on your credit report, this is not a basis for removal of information from the other Credit Reporting Agenc...

Credit Myth #7- Your FICO score isn't the only score you must check. Fact: This came from someone who thought that the FICO score is offered by only one Credit Reporting Agency: Equifax.Actually, all of the Credit Reporting Agencies offer FICO credit scores using a formula developed by Fair, Isaa...

 Closing accounts can help increase my credit score. Fact: Closing accounts can never help your credit score and will probably hurt it.It is true that having too many open accounts can reduce your score. But since they are already open, the damage has already been done.When you shut down accounts...

Credit Reporting Agencies search for information about us including public records. Fact: The Credit Reporting Agencies do not employ people that search for information.Who then reports information in the public records like judgments, liens and, bankruptcies and all that stuff? Believe me when I...

Credit Reporting Agencies verify and edit all of the information they receive for accuracy. Fact: They don't verify or edit anything. That's not their business. Their business is gathering information, not verifying information. More importantly, you need to know that they really don't care about...

 The information that is reported on my credit report cannot be changed. Fact: The Credit Reporting agencies actually want you to believe this. Exactly the opposite is true. The Fair Credit Reporting Act provides for the correction and or removal of any erroneous and inaccurate information that c...

                    - Credit Reporting Agencies are actually government agencies.Fact: They are not divisions or agencies of the government.We sometimes refer to them as credit bureaus and the word "bureaus" has somewhat of a government connotation doesn't it? The Federal Bureau of Investigation ...