The world of credit has hundreds of myths about responsibility of joint debt, retailers' credit cards, and so on. Not only are these myths untrue, they can cost you. Here are five costly credit myths debunked:Enlarge
There are hundreds of myths about credit and debt. They range from the somewhat reasonable to the ridiculous. The bottom line: Just because you?ve heard them all your life doesn?t mean they are true. A little legwork on the Internet or a conversation with a credit expert at a bank, mortgage company, or nonprofit credit counseling service may help you arrive at the truth. Here are five myths that can cost you money:Skip to next paragraph
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1.?One credit score tells you all you need to know. So you looked up your credit score with Experian, you were satisfied with the report and moved on. Creditors take a much different approach. Some creditors will pull all three of your credit reports in order to get a more complete picture of your payment habits. Others, such as auto loan lenders or landlords, tailor their search to fit your performance in a particular location or area.
Credit scores from the three major services are rarely, if ever, identical so you really do need to look at what each of the three major credit bureaus have for your credit history and what your score is with each. The three major bureaus are: Equifax, Experian, and TransUnion.