So the myths about credit reporting - Credit reports are a complex animal.
And I'll use a number of examples of what can be repaired on credit and what cannot.
And I'll start with what can be disputed effectively. Most of the time it's when something is true and is reported as true.
For example, you are not paying your $5,000 credit card and it's showing as late. And, that's true.
Sending a dispute probably isn't going to do anything about that and if it continues to report even after you dispute, you certainly can't sue on that.
You see a lot of errors between Jr. and Sr. or siblings, where the debt of Sr. is showing up on Jr.'s credit report.
That's an error and we should dispute that. And by disputing that off, it sometimes drastically improves your creditor score and your credit standing.
Now, the big difference is, how do you dispute?
And the rule of thumb is you need to send a letter that clearly identifies you to the three credit bureaus identifying the error on your credit report.
And if the bureaus or creditors don't timely respond, then perhaps there is something we can do, like oftentimes file a lawsuit against them.
But the big difference is that disputing accurate information not only is it not likely a lawsuit, but it's probably not going to do you any good.