Credit Restoration Tip #3 - Negative Items Duration

There is a lot of bad information on the web from supposed "credit experts" who are nothing of the sort, but are posting advice on the Internet, where credentials can't be checked. Beware of what you read. I'm going to tell you the Top 5 misconceptions of credit restoration (and credit in general).

Misconception #3 - Negative Items must stay on your credit report for 7-10 years.

In actuality, the Fair Credit Reporting Act gives a maximum duration, not a minimum. The creditors and credit bureaus decide how long they’ll report the negative items. Turns out the most of the time, they decide the maximum severity is what the consumer deserves.

"In 1971 Congress passed the Fair Credit Reporting Act, and decided that credit bureaus couldn't report for any LONGER than seven to ten years," says John Heath, the directing attorney of the nations largest credit restoration firm, Lexington Law. "For starters, Congress just pulled that number out-of-a-hat. It's arbitrary. There's no logic, reason or fairness to that number. But, the thing I tell my friends and clients to remember is that the seven to ten year limit is a maximum, not a requirement or a minimum."

John Heath knows his credit restoration law. As part of a 22-attorney legal team that spans 16 states, a combined 80 years of credit repair experience is drawn upon to tackle some of the toughest credit problems for his clients. The 50,000 sq. ft. campus houses Lexington Law Firm, as well as offices for its 400 other agents, paralegals and attorneys.

Please check out our next credit restoration tip (#4).

Credit Restoration by Lexington Law
Lexington Law has helped over 1/2 million clients restore their credit legally and effectively.