There is a tremendous amount of misinformation spun into the marketplace regarding a consumer's credit reporting rights. Here are 10 of the most prevalent myths:

Myth #1:

When I pay off an account, it will no longer be reported or considered to be negative.

(WRONG! - Usually it is re-reported and re-aged.)

Myth #2:

If a negative item is deleted, it will just come right back on my report.

(WRONG!)

Myth #3:

Certain items like bankruptcies, foreclosures, tax liens, and repossessions are impossible to remove from a credit report.

(WRONG! - Anything on a credit file can be changed or removed!)

Myth #4:

Disputing a credit report is easy and consumers can easily do it themselves.

(WRONG! - Most consumers get frustrated and give up because of the obstacles put before them by the credit bureaus.

Myth #5:

The credit bureaus will read my 100 word statement and take my side of the story into account.

(WRONG! - If it was that easy, then everybody would have good credit!)

Myth #6:

Credit bureaus are infallible, a branch of the government, or otherwise beyond reproach.

(WRONG!)

Myth #7:

I can get a new credit file by getting a federal tax ID number.

(WRONG! - This is a very BIG mistake and it is illegal.)

Myth #8:

If I build enough good credit, it will offset my bad credit.

(WRONG!)

Myth #9:

A credit counseling service can help me restore my credit rating.

(WRONG!)

Myth #10:

The law requires that an item remain on my credit report for 7 years.

(WRONG!)