The myths spread faster than the truth, that is why I am going to explain some of the most common myths in the credit repair area. One of the biggest myths is that you need a professional agency to manage your debt problems, these agencies can help you nevertheless they charge big fees for something you can handle yourself pretty well.

Myth 1: I can’t do it by myself, professionals needs to handle this situation.

As with many things, we need help once in a while, but credit repair is certainly something that you can do quite easily on your own with a little elbow grease and time. When I first looked at my credit report back in January 2007, I saw some late payments, a judgment, and some other “not so good” marks on my credit report. I screamed, “I’ve got to get a credit agency to help me with this! There’s no way I can do this myself!” Yeah, so I thought. How did I do it myself? I got educated that’s it. And now, you are going to get the best education on how to repair, rebuild, and maintain your credit score. After some time of taking a more in-depth looking into my credit report, I noticed some huge mistakes by either the creditor or credit bureau. These were not my mistakes, but the mistakes of “The Man.” I found mistakes on multiple accounts, ranging from multiple late payments, wrong accounts, to closed accounts, when in fact they were open. Turns out, it’s estimated that anywhere from 75% to as many as 90% of credit reports contain errors.

Myth 2: Your bad credit can’t be fixed.

Absolutely wrong. Having a bad credit does not mean that you can not fix it, it may take some time to fix it, but you can repair it, get positive lines of credit and have a new start, get your self in the right track to good credit. I remember how with a 520 credit score I was turned down for a credit card at Banana Republic in front of everybody during a very important Holiday, yeah pretty embarrassing but remember if I could do it you can do it too. It is just a matter to get educated and my videos will show you how to get the education you need to repair your credit.

Myth 3: You Only Have One Credit Score

In reality, you have three credit scores, one from each of the major credit reporting agencies. All three will give different scores, so when applying for credit one company may use one company and another place a different one. It’s always good to know your score from all three bureaus. They can vary by as much as 50 points.

Myth 4: If you check you credit this will lower your score.

There are soft inquiries and hard inquiries, and they can affect your credit score in different ways. The hard inquiries are those that affect your credit score and are done for the companies you wish to get credit from, the soft inquiries do not affect your score and these are the inquiries that are done in order to obtain your information for promotional purposes.

Myth 5: If you are shopping around for a Loan your score will be lower.

This is a very common myth, if you are searching for a mortgage, home equity loan, or car loan and you apply to multiple vendors this will only appear on your credit report once. This only applies if the same kind of inquires are made within 14 days of each other. Unfortunately, this doesn’t apply for credit cards!

Myth 6: The Only Way To Improve My Score Is To Remove All Negative Items

This is true, but ONLY one piece of the credit repair puzzle. Although, getting negative items removed from your score will raise it, building “positive credit” is what will build your score further. Have you ever been turned down for having no credit? In other words, you don’t have any “positive credit” built up with credit card companies.

Free advice about credit cards: “How To Reduce Your Credit Card Interest Rate With One Simple Phone Call”

It’s actually quite simple. How to do it you ask? Break out your telephone, call them, and ask to reduce your interest rate. Mention that you have sitting in front of you, a credit card with a lower interest rate. Possibly a zero percent interest rate for 6 months, which then turns into an 8% rate. If your current rate is 22%. A simple call will lower it. Mention that you are looking to balance transfer unless they lower your interest rate. Be nice to the operator. If they cannot drop the interest rate, speak to the supervisor. In most cases, after speaking with the supervisor they will drop your rate. To threaten to leave is the key.

Before declare bankruptcy go to Miguel Pancardo site and get his excelent free report on debt consolidation and credit debt consolidation in his website. This article, The 6 Dirty Secrets About Debt Consolidation The Banks Dont Want You To Know. is available for free reprint.