Credit Myth #2

Myth

  • The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years.

Tuth

There is no law that the credit agencies report anything on you at all. Just the opposite is true! Credit Agencies are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.

http://www.MyCRD.org

 

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Credit Myth #1

MYTH: Credit Agencies are empowered with some kind of governmental authority.
TRUTH: Credit agencies have no legal authority at all, they are simply private companies who are in the business of selling credit information.