When it comes to credit reports and credit scores, there are lots of rumors or misconceptions you have heard from your relatives, friends, and neighbors. There are a plethora of myths about what you should and shouldn’t do to manage your credit. But all what you have heard is not right and may cost you lowering your credit score or additional issues in the credit report.
Apoorvaa is letting you know 5 common credit misconceptions on which you should not believe.
Your score will drop if you check your own credit – This is False
Closing old accounts is a good idea – This is False
Paid collections are automatically deleted from your credit report – This is False
Being a co-signer doesn’t make you liable for the account – This is False
Paying off a debt will add 50 points to your credit score – This is False
Most importantly, pay your bills on time, reduce the amount of revolving debt you have and work on removing erroneous, misleading, inaccurate, or incomplete derogatory accounts from your credit reports either by yourself or by hiring a company like Apoorvaa to do the work on your behalf.
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