header

10 Credit Score Facts as well as Fictions

In case you're a fan of Television's "Mythbusters," then you may know the simple truth about many popular fictions - such as the way a heated Jawbreaker is able to explode when you bite into it, or that a home ceiling fan cannot decapitate you, or that your toilet seat will be the cleanest surface in your house. While these are fun myths to debunk, understanding the information of these fictional stories almost certainly will not affect your private finances.
So what can influence the wallet of yours is exactly what you understand - and also equally as importantly, what you don't understand - regarding your best credit repair companies near me [Read More On this page] score. The credit score of yours is a three digit numerical representation of your credit-worthiness, or how likely you're to reliably pay back cash you borrow. It can seem easy enough, but credit scores are not always intuitive. Even if you think you're doing the appropriate thing financially, you may be really hurting your score.
When it comes to recognition, knowledge is power. Allow me to share the true facts behind 10 standard credit score fictions:
Fiction: The more cash you're making, the greater the credit score of yours will fare.
Fact: The income of yours has nothing to do with the credit score of yours. It is not reported on the credit bureaus or even mentioned on the credit report of yours.
Fiction: Once you have paid out a past due debt, it will drop off of your credit report.
Fact: Late payments and other negative information remain on your credit report for seven years from the date of the original late payment. Bankruptcies normally stick around for ten years through the bankruptcy filing date. While that black mark might continue to soil your report, nevertheless, its effect on your score is going to lessen over time.
Fiction: Credit bureaus and those reporting to them don't get some things wrong.