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Credit Repair

3 Credit Report Myths Debunked

On occasion a topic seems to repeat itself. Since credit report myths abound, it seems like debunking them three at a time is becoming a habit. Here are three more that can be put to sleep.

  1. Most people think that their credit report will automatically include their credit score. It does not. You will have to pay around $20 to get the credit score. The only time your score is free is if you have been denied credit, or if they talk to a credit repair company that offers free consultations (like the ones we match you with). If you are turned down for a loan, the lender is required to send you the score they based their decision on.
  2. Viewing your credit report does not change your credit score. Many people confuse checking their own report with having it checked by a potential creditor. Viewing your own score on a daily basis will never impact your score, but each time a creditor views it, your score is lowered a few points.
  3. Many people think that their credit scores merge when they marry and separate when they divorce. Previous stellar credit or bad credit is still yours alone. Unfortunately, any credit that you obtain jointly will stay with you as well. Just ask someone who co-signed a loan for a spouse, divorced, then had to pay off the loan in order to keep their credit score where they want it. This includes medical bills.

New credit report myths crop up every so often and we will try to debunk them as they appear. Have you heard something about credit reports that you doubt? Send us a comment and we will look into it if possible.

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