When it comes to your finances, your credit score is the most important factor. Any and every potential lender, whether it be for a car, a home, or a utility company, will look at your credit score to determine whether or not you are worth the investment. Because the majority of people have no clue what their credit score consists of, there’s a lot of room for misconceptions to arise. Having this knowledge, it would be responsible to check up on your credit score every so often to make sure everything is legit and correct.
Myth 1 – If an error is detected on your score, simply writing a letter to dispute it will remove it from your score. Unfortunately, this is not the case. If your dispute is completely legit, you only have 30 days to notify the credit bureau, else you have to let the bad credit sting your record.
Myth 2 – Getting married will combine the couple’s reports. Although this may seem the case, one person’s report is NEVER merged with another’s. You are still separate entities with separate social security numbers and separate credit history.
Myth 3 – Checking your credit report will lower your score. Good news is, that this won’t affect your score at all. You have the right to check your score whenever you want as many times as you desire without it impacting your score.
Related posts:
- How do you know if there is an error on your credit report?
- How to Correct a Credit Report Error
- What Is Bad Credit?
- Credit Report and Credit Score
- Can You Get a Totally Free Credit Report?
FAQ: How do I check my Free Credit Report?
Your credit report is the basis for your financial standing. No matter how slick or smart you may be, no bank will touch anyone with a low credit score. It's their money, why would they want to take a bigger risk than they need to?
If you don't know where your credit report score is at, now's the time to take a peek. Don't get surprised with a low credit score when you go in to review your report with a potential lender or even an employer, find out for yourself within minutes.
