Most people have heard about the alligators in New York’s sewers and the little kid with cancer who wants a zillion postcards. Unfortunately, those aren’t the only myths floating around out there.
A lot of the things that people “know” about credit reports and credit scores have about as much validity as those monstrous Manhattan alligators.
Credit report myths
- Paying my debts will make my credit report instantly pristine
- Credit counseling always destroys my credit score
- Canceling credit cards boosts my score
- Too many inquiries hurt my score
- Checking my own credit report harms my standing
- FICO scores are locked in for six months
- I don’t need to check my credit report if I pay my bills on time
- All credit reports are the same
- A divorce decree automatically severs joint accounts
- Bad news comes off in seven years
- I can always pay someone to fix or repair my credit
These are great tips! I’m willing to bet you believed at least one of these…
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