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Having a negative item on your record can become a problem, so it is crucial that you look into ways to repair your credit report. There are multiple credit report repair methods out there, some are even free. When you look into the situation, you should consider whether or not to hire a professional. However, the most vital part to credit report repairs is separating the truth from common myths.
One misconception people run into when repairing their credit report is that once you pay off a negative record, it will automatically be removed. The truth is that it will stay on your record for 7 years 10 for foreclosures and Bankruptcies after first being posted. So why should you pay your debt off at all you may wonder? Paying your debt will come up showing that you paid your debt, and it will improve your credit report. However, you will notice a great deal of improvement comes after the record expires.
Another myth floating around is that if you pay off a debt, your credit record score will go up 50 points. The problem with this statement is that there is no way to calculate exactly how many points it will go up. Your score most certainly will go up by paying your bills on time and paying off debts, but there are other factors that play a role. For instance, if you have a high credit score it may drop a significant amount versus a low credit score dropping only slightly.
One myth that holds to your advantage is whether or not your score will drop if you check your credit. This is most certainly not true and can in fact be beneficial to a person looking into credit report repair. The only time your credit may drop a few points by checking the record is with hard inquiries.
Lastly, you may want to reconsider closing old accounts when attempting to repair your credit report. People often believe that by closing their old accounts that are inactive, their credit report will improve. However, this can actually lower your credit score by giving the impression that your credit report history is short. If you want to close any accounts, consider closing newer accounts.
Coming up with credit report repair methods is important if you want to raise your credit report. It is essential that you research into the various ways you can improve your credit report prior to making any decisions. This will help you avoid falling for any of the credit report repair myths listed above, and give you the best chance to actually improve your credit report.
Eugene Colon Jr.?s credit repair website provides you with articles, tips and extensive information to help you repair your credit with success. To find out this and more, check out his website at: http://www.articleslane.com
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