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Credit Score Myths vs. Facts, Part 2
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For questions about your credit report, call Redstone at 256-722-3796
or email aspire@redfcu.org.
ere is a lot of information out there
about credit scores, and I'm having a difficult
time deciding what is myth and what is fact.
Can you help?
Don't let misinformation about credit scores damage your finances. Get the facts.
Test your knowledge here:
1. You should wait as long as possible to talk with your lender if you are having trouble
making debt payments. After all, it's embarrassing.
MYTH – e earlier you contact the lender, the greater the chance a payment
deferment, skip payment, or other repayment option will be available to you.
2. No matter your past history with credit – foreclosures, tax liens, bankruptcies, etc. –
all negative listings will eventually be removed from your credit reports.
FACT – e maximum amount of time those red (negative) flags can stay on your
report is seven to 10 years, depending on what it is. You can often work with the credit
bureau to remove some types earlier than seven years.
3. When you get married, you and your spouse will get a joint credit score.
MYTH – ere is no such thing as a joint credit score. Each score is individual to that
consumer. However, if you cosign a loan or get joint credit, you are jointly responsible
for that debt. If it is not paid or the payments are late, your score takes a hit.
4. You only need to review one credit report or check your score from one agency.
MYTH – Each of the three major credit bureaus produces its own credit report and
credit score. To get a complete picture of your financial health, you need to review
them all because your score may be different on each one.
