Credit Myths That Cripples BLAkron Ohio

Joi Wilson-The Credit Queen

Today, I had the opportunity to sit down and chat with my guy Hiram Akeem. What did we talk about? Well, you guessed it! I had to share that much-needed knowledge again on the matters of Finances and Credit! There are so many people in our community that never have been taught, just don’t know, or worse, what they have been taught is just straight B.S.! Let’s call it, “The Mis-education of Credit or The Credit Myths!” There is much false information out there, but I only touched on a few. 

One myth is about those 3 major Credit Bureaus. I’m sure you’ve heard of them. They are Transunion, Equifax, and Experian. They are in fact not “bureaus” at all, but Credit Reporting Agencies. The term Bureau makes most of us think that they are a part of the government, but in fact, they are multi-billion dollars companies. They make money from buying, selling, and reporting your personal information. They market themselves as “bureaus” to make the average consumer assume that they have some sort of power. The truth is YOU are the ones with the power!

 

Bro. Hiram & Joi

What type of power do you have? Well, that leads me to more myths that Bro. Hiram and I spoke about. You have the power to challenge anything on your Credit Report! There is a law in place called the Fair Credit Reporting Act (FCRA) that protects your rights as the consumer. The Credit Reporting Agencies cannot just report anything they want. They have to follow specific laws, and anything reported has to be verified and completely accurate. If it is not, it has to be removed! Even if it is something you were guilty of at some point in your life. 

So what does that mean for you? It means, anything bad on your credit report if challenged, can be removed from your credit file and ultimately increase your credit scores! I have personally helped my clients achieve removing items such as collections, medical bills, tax liens, and even bankruptcies. As I explained, it all starts with educating our people on what their rights are, and then helping our community leverage them. You don’t have to wait those 7-10 years to get it right either! So, until our next credit chat... GET RIGHT and GRIT TO DA GRIND! 

Joi Wilson, 

(The Credit Queen)