Most individuals who have made it a habit to annually check their credit reports with the three credit reporting agencies; Equifax, Experian, and TransUnion have found themselves in a state of confusion when it comes to understanding credit scores. The most commonly used credit scoring model is FICO® and the new kid on the block known as Vantage Score.
While these scores are important in obtaining credit, loans, and lower interest rates, there seems to be several credit score myths that need to be debunked.
Here are my ‘Top 10 Credit Score Myths’
Myth: There is only one credit score.
Fact: There are three credit scores; one from each of the aforementioned agencies. Equifax’s credit score is called the Beacon Score, Transunion’s credit score is Empirica Score, while Experian has embraced it’s own new credit scoring system called Vantage Score.
Myth: Your score will decrease every time you check it.
Fact: Not true. You can ascertain what your score is as often as you need to and it will not lower your score at all. Go to http://www.myfico.com to order your scores today.
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