Although well-meaning relatives and friends can get to give the debtor some tips harmful. Mike Gianoni can provide more clarity in the matter. For this reason it is necessary to be well informed and avoid an unnecessary bankruptcy. Myths about credit repair First, this paper breaks down some myths about credit repair. Many people believe that the payment of its debts immediately improve your score. Unfortunately, this one of the many myths of credit repair. While the debt paid is logically preferable to not fulfill its responsibility to pay, the truth is that payments not made on time and other faults are still there as negative marks on your credit report. Simply pay an old debt can not improve your credit history, even at one point. The mark for the delay is for seven years The good news is that delays in payment and information about other irregularities will disappear after seven years.

But the idea that all negative information is deleted after that period credit repair is another myth. The truth is that bankruptcy laws of many countries require that records be retained for 10 years, and unpaid judgments on liability may remain on your credit report potentially forever. Closing cards is not something positive Another popular myth is that the closure of their cards are good for your credit history. This myth is perhaps the most painful and causing more damage, since many people close their accounts may have trouble opening new ones in the future. The truth is that your credit accounts open, active, and updated help. The unused credit capacity (ie, the available credit) is a positive factor in determining your score at the time of borrowing. So how to repair credit history? Let's summarize the steps and operate safely Find out the regulations for your area of residence In addition to pay its debts requires that Lenders eliminate all negative mark in your record: seven years is a long time and ten years, almost an eternity. Do not close your credit accounts. Keep active and current.