Credit Score Myths And Facts Explained By National Debt Relief

The article starts off by highlighting the importance of financial knowledge. There are times when Ignorance may be bliss, but not when it comes to credit scores. Lack of knowledge, or knowledge that’s inaccurate, can damage credit scores, which will cost people money in higher interest rates or keep them from obtaining new credit when you need it.

One of the top myths people believe in is feeling secure with their score when one of them is good. It is important for consumers to remember that there are three credit-reporting agencies: TransUnion, Equifax, and Experian. Each agency may have different credit information reported to it, so the credit report from each one may be different, resulting in different scores.

Another credit score myth people believe in is thinking their college degree has any pull with how their credit score is calculated. The most a college degree can help with credit scores is to provide people with a better chance of securing a good paying job. This, in turn, can help consumers make on-time payment with their financial obligations. But to think that a college degree will help with credit score computation is just plain myth.

The article also explains the myth of how a bad credit score can keep job-seekers from landing a job. There are some states which have made it illegal for potential employers to consider a person’s credit when he or she applies for a job, while others strictly limit the usage. However, there are some companies in other states that can look into it especially when the job position is financial in nature. The good thing about it is that many employers who do check credit will give job applicants a chance to explain why they have bad credit.

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