Five myths about bad credit

Five myths about bad credit

By | 2014-05-29T08:05:52+00:00 23 June 2014|Bad Credit Rating, Blacklisted credit|

When people find themselves in a situation where they become the victims of bad credit, they can get confused as to what their limitations are and how to go about rectifying the problem. Having a better understanding of what is and is not true where bad credit is concerned will help you a great deal in setting the record straight.

Five Bad credit myths

  • Investigating disputes. If you pull your credit record and discover there are errors or discrepancies, you can request that investigation take place to correct or shed light upon the problem, however, investigation is not compulsory on the behalf of the credit bureau.
  • Paying old debt will improve my credit rating. This is simply untrue. Paying off an old debt will not remove it from your credit record and thus will not help improve the past, however, paying off a new debt will.
  • Disputed information will be erased. It is important to understand that while a dispute is being investigated, the information will not be deleted. Unless the creditor chooses to remove the data, it can still reflect on your credit record.
  • You must hire professional help. It is important you understand how much you, as an individual, can do to begin rectifying your bad credit. Do not spend money you don’t have on a professional when there are ways and means to get the job done yourself.
  • You cannot get a motor vehicle. Many people assume that because they have bad credit, they cannot qualify to buy a car. At Earn-a-Car, your bad credit is not a factor. In fact, by getting a car through us, you can begin to improve your credit rating.

Purchase a second hand vehicle through Earn-a-Car and earn your vehicle while you drive. With easy to follow payment plans and contracts which include insurance and breakdown assist, you can begin to repair the damage on your credit report and be the owner of a car in three-and-a-half to six years.

Find out about our qualification criteria or contact us today for more information.