PsychDoc's Credit Insider Guide to...
CREDIT BUREAUS AND CREDIT REPORTS
Psychosis #4: Negative Items Must Remain For 7 Years.
That's sheer and utter balderdash. Even so, consumers hear it every day when they telephone creditors directly:
"Sorry, by law that has to remain on your report for seven years."
The next time you hear that, know this:
The automaton posing as a customer service representative is
either spreading lies or ignorance, neither of which is good
for your fiscal or mental health.
Sure, the bureaus want consumers to believe the lie because they have based their business plans upon reporting nasties to their subscribers, and they don't want to run out of them. The truth, though, is that nobody is required to report anything about any of us for any minimum length of time to anybody else. Put bluntly, relevant laws like the Fair Credit Reporting Act only serve to place LIMITS upon how consumer reporting agencies can and cannot behave.
Next: Psychosis #5: Seeking Help In Repairing Credit Is Unlawful.
Randy Padawer (PsychDoc) is a clinical psychologist whose research interests range from personality testing to consumer credit. He has been featured in publications as diverse as the Journal of Personality Assessment, the Journal of Consulting and Clinical Psychology, and Smart Money Magazine. Dr. Padawer co-wrote the best-selling "FICO 850" seminar for The Motley Fool, and he has consulted for Lexington Law Firm and others regarding consumer behavior and credit reporting.
(This article was reprinted with permission from Lexington Law)
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Related articles:
- Part 1 - The Nature Of Credit Bureaus
- Part 2 - Your Credit Report Is Reviewed Carefully
- Part 3 - Including A Credit Statement Is Helpful
- Part 4 - Negative Items Must Remain For 7 Years
- Part 5 - Seeking Help In Repairing Credit Is Unlawful
- Interesting Sidenote -
The Wild Wild West!
- CREDIT SCORING:
- Part #1: Good Intentions
- Part #2: What Happened?
- Part #3: Shoddy Math
- Part #4: Secret Decoder Ring Needed
- Part #5: Improve Your
Score
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