10 Credit Score Myths That You Shouldn't Fall For
A credit score is a 3-digit number going somewhere in the range of 300 and 900 that is determined and given by credit rating organizations like Equifax, CIBIL™, Experian and CRIF™. It goes about as a sign of a borrower's credit conduct and is determined utilizing various variables like reimbursement history, on-time installment of credit card duty, relationship of outstanding debt to take home pay, the blend of credits, and so on
A credit score is utilized by the lender to decide the danger looked while loaning cash to a borrower or credit card applicant. There are different fantasies encompassing credit scores that frequently keep borrowers from constantly checking their credit score or making a loan/credit card application at the proper time. Here, we feature and explain a portion of the normal credit score rating fantasies that each borrower ought to know about:
The Top 10 Credit Myths and Truths
1. Your Income Impacts Your Credit Score
2. Credit Card Balance Helps to Improve Credit Score
3. A Good Credit Score Indicates Wealth
4. One Credit Score Per Person
5. Credit Score Seen by Individual Is Same as Seen by Lender
6. Debit Cards Help in Improving Credit Score
7. EMI Moratorium Impacts Credit Score
8. Debt Repayment Is Not Considered in Credit Report
9. A Low Credit Score Is Only Because Of Multiple Loans
10. A Bad Credit Score Never Changes
Reference; 10 Credit Score Myths That You Shouldn't Fall For
