8 credit score myths debunked

This is he worst system in place by mankind. There is no accountability by the credit reporting agencies. They use voodoo math and really impact your life be it for purchases, rent, employment or mortgages. Inaccurate information is rampant and to get it corrected will take months if not years to resolve. There has to be a better system put in place.

While a foreclosure and a short sale will both impact your credit score, a short sale will allow you to qualify for FHA financing to buy another home immediately following the short sale if you don't miss any mortgage payments in the process. With a foreclosure you will have to wait at least 36 months and in some cases 60 months before being able to purchase another home. I think this is an important piece of information that is left out in this article.

 

Plus, settling a debt for less than what is owed via a short sale is much better for your score than just letting the debt get charged off through foreclosure. We've seen short sales only bring down a credit score by 100 points whereas a foreclosure has dropped the score by more than 200.

 

In conclusion, this writer did poor research and has left the public more stupid than before reading this pointless article.

   Credit bureaus are practically untouchable, you can probably get a hold of the US President faster than you can talk to them. When you get your credit from either Equifax, Trans Union and Experien they give you a number to cal that expires withing 30 days and most of the times 99% when you call they do not correct any issues with your score or erroneous entries on your report until 30 days later which then you have to request another updated credit report and if there is still wrong information on it you have to start all over again.

    Who watches the watchers and to whom do they report who is their boss and how can you get a hold of them ? . Credit bureaus do not have an office that you can go to and speak to someone in person, for Gods sake I can go to my Congressman's office or to the Senators office easier than speaking to a live person from any of the credit bureaus. They should have field offices that you can go and try correcting report issues with the assistance of someone in person. Well good luck to all  os you out there with credit issues , you are not alone.

Well, after that answer, I would have to call this whole article by Tom Quinn completely unreliable.  In no way does a Short Sale have the same effect on your credit as a Foreclosure.  On a Short Sale, the banks accept the lower sale price, charge off the loss, and you receive a discharge of liability of the loss.  Once you complete/close on a Short Sale, your credit will start to rise immediately. A Short Sale is a negotiation where BOTH parties agree, as both sides understand they both will lose if it goes to a foreclosure.  Most people will be able to buy a house within 2- 2 1/2 years from the time you close on a Short Sale.  

credit should be illegal we should go back to the trade and barter system then ther would not be need for scores, you got what I want then we do business