Are you confused about credit?  Most people are!  Sadly, believing incorrect information regarding fast credit repair can stand in the way of you making intelligent financial decisions.  Here are some common credit myths that many people have and what you need to know about the truth!

Myth:  I need to hire a credit repair company to improve my credit score!

Fact: While you can hire a credit repair company, it really isn’t necessary.  For most people, the best solution is becoming educated with regards to credit and then committing to working on their own credit files.  Of course, if you don’t have the time to work on your credit or are not willing to become educated then hiring a credit repair company can be a good idea.  You should understand, however, that no credit repair company can do as much for your credit as you can do on your own.

Myth:  I pay my credit cards off each month on their due date.  This is the best thing for my credit score!

Fact: If you use your credit cards for your monthly expenses and pay your account off each month, chances are your credit score is MUCH lower than it should be.  The reason is that the balance reported to the credit bureaus will be the balance that you carry BEFORE you make a payment.  In fact, the credit bureaus will never know that you pay your account off each month and your credit score will be the same that it would be if you simply carried a high balance month to month.

To have a zero balance reported to the credit bureaus, you need to make your payment prior to the statement cut date.  You can find this date on your credit card statement.

Myth:  If I get one of my credit reports corrected the others will be notified.

Fact: The three credit reporting agencies (Experian, Trans Union and Equifax) are completely independent of each other.  They collect information on their own and do not communicate with one another in any way.  In fact, they are competitors!  This explains why your credit scores can vary so much from one bureau to another.  When you are working on fast credit report repair, paying attention to all three reports is critical.