It never ceases to surprise me how confused most people are about how the credit system works   This article is a quick summary of the top four myths of credit.

Myth One:  “Information in my credit file can’t be changed.”

Truth:  The Fair Credit Reporting Act requires that any data that is disputed by a consumer must be verified as 100% accurate. This means that if a creditor can’t prove that the disputed

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Managing with bad credit is anyone’s worst nightmare. Once bad credit begins, it takes a lot to be able to put a stop to it and most people find themselves in over their head before they know it – with late payments and bills that are way beyond their limits. What’s more is that aside from the difficulty of eliminating your debt, bad credit ruins your credibility with other creditors and other companies that look to credit records for evaluation purposes. Therefore,

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New credit card act called CARD (Credit card Accountability, Responsibility and Disclosure) Act had been approved and signed by President Obama in year 2009. The purpose of this act is to protect consumers by avoiding them to swiping the card worry-free. However, as a consumer, you still need to watch some potential traps to may badly hurt you in term of new fees and high interest rates. Moreover, the new act tries to reduce the usage of credit cards;

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