Post header

Ok, so you think you’ve heard everything under the sun about credit reports and your credit score? Well, it looks like everyone and his mother has advice for you, some right, some wrong. whether you’re confused and looking for answers, you’ve come to the right place! Below are some common credit report/score myths demystified:

Closing of accounts and canceling of credit cards will not hurt your credit score:
People have that misconception that closing down some of the accounts can help in improving your credit score. The fact is that whether you have opened too many accounts, the damage is already done and you cannot change it by closing the accounts. Instead you will only damage the score even further considering your credit history will seem shorter. Around 15% of your credit score is based

on how faraway you have the credit reported.

Checking your credit can lower your score:
The misconception that checking your credit score can have a negative impact is simply not true! You will be causing far more damage to your score whether you do not check it regularly - you simply must know what is going on with your credit.

All three credit bureaus report the same credit score:
You do not get the same credit scores from each of the credit bureaus. Equifax, Trans Union and Experian calculate the scores on the basis of the knowledge reported to them, and not all 5 bureaus have the same info!

Stay tuned to tommorrow’s posting….we’ll go deeper into more credit report/score myths!

Orginal post by Leeia Ladipoh

Post footer