Know The Myths What Is The Key Information

Category: Finance, Credit.

There is an increasing amount of wrong information and scams that are getting people in trouble when getting their credit report.

If I check my credit report will that harm my score? Know the Myths what is the key information. While is if false that check this will damage your report it can if you access it the wrong we, be careful who you use to check your report, for example using a company that promises credit reports as a benefit can actually do you damage. A hard pull is when a bank or lender calls up to see if they cant grant you credit this is marked down as a hard pull. There are two types of ways you can access your report- one is a hard pull and other is a soft pull. When you call up to get your report or score it's only classed as a soft pull. My Credit score will be Locked in for six months.

Only citizens can go directly to the three bureaus and get their score- if a company acts on your behalf and they do it incorrect then that will hurt you- make sure you insist this in your agreed terms. This is incorrect, your score is a living dynamic piece of information that is updated instantly. Each Credit Report are the same as each other. As soon as an updated piece of information hit the FICO database( Fair Isaac Corp) your file will then be updates. This is probably one of the biggest myths out there, people think they just need to access their credit report form one of the main bureaus and then they will have all the correct information- this is incorrect in two ways. The creditors might report your information to all 3 bureaus they will not update your information to all 3, so there's a good change your address or other personal information is wrong and outdated, so you need to get your credit report form all three bureaus. Firstly, most Creditors report their information on you but this was not the case in the past- so many credit reports don' t have all your information, and even if they somehow do have all this financial information then your personal details will no doubt be incorrect.

The best way to do this is get them all at the same time then get updated copies for each one individually every 4 months- this way you can be sure you have all your information and can go about correcting and updating it. Credit Counseling can destroy Your Credit Score. You will ant to do this so you give yourself the best possible chance of getting a loan and making sure they have the correct information. This is false but you need to be aware of a few additional things. When you attend a Credit Councilor Debt Management program you need to be sure that the lender correctly reports that you are now paying a lesser amount so the original amount need to be readjusted so you don' t get marked down as being in arrears. You need to be sure how a renegotiated loan is being reported.

I hope a few Credit Report Myths have been cleared up.