Credit Score Myths & Your FCRA Rights | Petroff Amshen

Written by Serge F. Petroff | Aug 18, 2026, 1:37:44 PM

Myth: Paying off old debt instantly raises your score

Reality. Paying off debt is a sound financial step, but it does not erase past late payments or other accurate negative marks, and it does not produce an instant score increase. A consistent record of on-time payments over time is what a credit report reflects.

Myth: Closing a credit card helps your score

Reality. Closing a card can reduce the total credit available to you, which can raise your credit utilization ratio and may lower a score rather than help it. Managing accounts over time is generally more useful than closing them.

Myth: Negative items can never be removed

Reality. Accurate negative information generally remains for its reporting period, which is up to seven years for most items. What can be disputed and removed is information that is inaccurate, incomplete, outdated beyond the permitted period, or unverifiable. The Fair Credit Reporting Act provides that dispute process. The distinction matters: the law addresses errors, not accurate history.

Myth: Checking your own credit lowers your score

Reality. There is a difference between a hard inquiry, when a lender checks your credit for an application, and a soft inquiry, when you check your own report. Checking your own report is a soft inquiry and does not affect your score. Reviewing it regularly is how fraud and reporting errors get caught early.

Myth: You never need legal help with credit reporting

Reality. A consumer can file a dispute directly, and for many errors that is enough. When inaccuracies persist after a dispute, or involve wrongful reporting or identity theft, the Fair Credit Reporting Act provides a legal route. That route is separate from credit repair, which is a different and regulated service. A law firm that litigates FCRA claims handles the legal route, not credit repair.

How Petroff Amshen Helps

Petroff Amshen LLP represents New York consumers in Fair Credit Reporting Act matters. The firm reviews the credit file and any prior dispute, identifies where the law has been violated, and takes legal action in state and federal courts. This is not credit repair. Petroff Amshen LLP is a New York law firm that litigates FCRA claims.

“A credit score reflects financial history, and that history should be reported accurately. When it is not, the Fair Credit Reporting Act gives a consumer a process to dispute it and a legal route when the law is violated.”

Serge F. Petroff, Founding Partner, Petroff Amshen LLP

Frequently Asked Questions

Does paying off debt raise your credit score immediately?
No. Paying off debt is positive, but accurate negative marks such as past late payments do not disappear at once, and there is no instant increase. A steady on-time payment history is what builds the record over time.
Does closing a credit card help your score?
Often not. Closing a card reduces your available credit and can raise your utilization ratio, which may lower a score.
Can negative items be removed from a credit report?
Items that are inaccurate, incomplete, outdated beyond the permitted period, or unverifiable can be disputed under the FCRA. Accurate negative information generally remains for its reporting period.
Does checking your own credit hurt your score?
No. Checking your own report is a soft inquiry and does not affect your score. Only certain lender checks, hard inquiries, can have an effect.
Do I need a lawyer to dispute credit report errors?
Not always. A consumer can file a dispute directly. When inaccuracies persist after a dispute or involve wrongful reporting or identity theft, a law firm can review the file and assess whether a claim exists under the FCRA.
Know Your Legal Options.
Petroff Amshen LLP represents New York consumers in Fair Credit Reporting Act matters in state and federal courts.

Authoritative sources: FTC consumer resources · AnnualCreditReport.com
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