When it comes to getting out of debt and achieving financial freedom, there are a lot of myths surrounding the many ways to accomplish that. Credit repair is one those methods that many people misunderstand. Keep reading to separate the facts from the myths about credit repair.    

Myth: Credit repair works to improve credit instantly

Fact: There’s a reason it’s called the credit repair process. Though many providers would like consumers to believe credit repair is an instant ticket to a higher credit score, it takes some time. It’s a back and forth process among the credit repair provider, creditors and the credit reporting agencies, which can take a while to show results. And even then, those results aren’t always long-lasting. (More on that next).

Myth: Credit repair is a guaranteed solution

Fact: Credit repair relies on a process of reviewing a consumer’s credit report for errors and negative entries, then disputing those entries with the creditors and credit reporting agencies. During that time, the items in dispute are removed from the credit report, which could yield a higher credit score. But, if the creditors and/or reporting agencies find the negative entries are valid and don’t remove them permanently, they will go back on the report and have the same damaging effects.

Myth: I can’t do credit repair myself.

Fact: Everything that goes on during the credit repair process is something you can do yourself, if you have the time and patience required. In fact, DIY credit repair is actually a more efficient option, since you’re cutting out the middleman and dealing with creditors and credit reporting agencies on your own. And of course, you’re not spending money to have someone else do what you can do yourself.

Myth: The results I get are permanent.

Fact: When it comes to credit reports and scores, nothing is permanent. They are constantly changing and evolving based on your financial choices and behavior. The only way to achieve true and lasting improvement to your credit is through good financial management, including:

• Paying every bill on time every month
• Keeping your credit utilization low
• Paying off high-interest debt
• Limiting applications for new credit
• Keeping zero balance cards open