Credit score is a number that shows the financial life of a person. In a mathematical view credit score is an integral parts of his/her financial life. Most of the credit reporting agencies (including major 3 agencies), banks, credit unions, utility firms, landlords, insurers and even your boss regularly looking at your credit records for evaluate you. Excellent credit score is a great benefit to you in direct and indirect ways. According to a recent survey, half of Americans don’t exactly know how their credit scores are derived, in my view that is big problem. In simply most of the American don’t have an idea about calculate their credit score. Here are five common myths about credit scores.
- Myth 1: Major credit reporting agencies use different formulas to calculate credit score
- Myth 2: Repair your credit score; simply pay-off all your debts
- Myth 3: Closing old accounts helps boost your credit score
- Myth 4: Loan shopping hurts your credit score
- Myth 5: Credit bureaus cans Fix Your Credit Score
