Myth #9: It's easy to fix errors on your credit report.
Truth: If only this were so. It can actually be quite difficult to correct mistakes, and most credit reports contain them. While credit bureaus are required by law to correct errors, the process can be tedious. The Federal Trade Commission recommends including copies of any documents that support your position as well as the copy of the report itself, with the errors circled. The FTC offers a sample dispute letter on its Web site. While it's tempting, avoid paying for a credit-improvement scam: Dozens of companies offer to help improve scores for a fee, but many involve questionable tactics. Instead, just stick with the basics of paying all your bills on time, staying well under your credit limit, and keeping accounts in good standing over many years.