11 Credit Report Myths

Posted on April 7, 2007

I ran into this article from Bankrate.com during one of study hours this week for Financial Literacy Month and thought to share it with you. What you don’t know can hurt you especially when it comes to your credit rating so check out this list of credit report myths and articles they are quite informative.

If you are like me who often wondered if those TV ads offering free credit reports are really free, well guess what, they do cost you, to know why and how check out myth 5.

“Here’s a look at 11 common credit report myths and what the truth really is:
1. Paying my debts will make my credit report instantly pristine.
2. Credit counseling always destroys my credit score.
3. Canceling credit cards boosts my score.
4. Too many inquiries hurt my score.
5. Checking my own credit report harms my standing.
6. FICO scores are locked in for six months.
7. I don’t need to check my credit report if I pay my bills on time.
8. All credit reports are the same.
9. A divorce decree automatically severs joint accounts.
10. Bad news comes off in seven years.
11. I can always pay someone to fix or repair my credit. ”

Check out Bankrate.com for more information on the 11 credit report myths.