5 Myths About Credit SCORE Everyone Thinks Are True

5 Myths About Credit Score Everyone Thinks Are True

Debunking Credit Score Myths  While you may think that you fully understand your credit score and credit report, but there are some myths, which need to be addressed.  Some of these may just cloud your judgment and lead to wrongful financial-assessment.

Credit Score Facts & Fiction We managed to put together 5 such common credit score myths in order to bring clarity on the concept and workings behind your credit reports.

Point .1 Myths

Truths

• My personal information affects my credit score.

• This is absolutely incorrect!

• Your credit file is free from personal details like your likes or dislikes, income details, race, marital status, and likewise.

Point .2 Myths

• If I check my credit report, it can affect my credit score.

Truths • Well, this myth is partially true.

Let us explain.

• Whenever you apply for a loan or a credit card, the lender performs a credit check on your behalf to procure your credit profile.

• This is called a hard inquiry and it does land up on your credit report affecting your score.

Point .3 Myths

• My credit score is affected by my income.

Truths

• Most people think that having a higher income would guarantee a high credit score.

This is incorrect.

Point .4 Myths

• You can share your credit score/history with your spouse.

Truths

• This is a common myth, people believe that their credit history and score can be merged with that of their spouse/ partner. This is incorrect.!

Point .5 Myths

• I should not take debt as it can affect my credit score negatively.

Truths

• Another common myth, taking a debt or a loan can bring down the credit score or affect it negatively. Incorrect

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