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Truths and misconceptions about credit score

By George Hauser
Published: Wednesday, July 14th, 2010

Credit score is not just a set of numbers. It is a factor that could affect some of your plans in the future. If you are planning of buying a car or maybe a house, then it is important that you start giving focus on your score.  Aside from buying a house or a car, your credit score is also a requirement when you are eyeing for a job that requires handling of money.

Credit cards are not the only sources of your credit score; if you have a bank account or bills then that could count for your score. Lenders base your scores on your past financial responsibilities, previous debts and payables. These factors are what determine your qualification for financing and whether you deserve the best rates they offer.

If you are credit risk, then you may not be qualified for any refinancing or job you are applying for.  The problem with credit score is that a lot of us are misinformed by some companies intentionally. These companies claim that they can give you the help you needed with your credit report and score but of course it is not for free.  The truth is you don’t need the service of any score repair companies or those who consider themselves expert for you can; you can pay and boost your score without having to pay.

When people get frustrated, we usually get so gullible with some offers. When it comes credit score repairs and rebuilding, there are some scams that had been victimizing the public.  There are some credit repair companies that would direct you to falsify your identity when applying. If you are asked to open a new account under a second identity have no second thought consider it a scam. Falsifying is illegal and is in no way helpful.

One of the most common repair scam is when a company would collect money from you and would make the payment in your behalf. If you give them the money, expect no payments to be made. .

When a company promises that they can have a real quick fix on your very very bad credit, better not give them any chance to lure you more. The truth is very bad credit takes years for repair. Even legitimate companies would have hard time doing that. The luring part of this kind of scam is that the company will tell you that they are capable of deleting your bad credit history from your report- the truth is it takes seven to ten years for your credit to be deleted.

Instead of listening to scammers why not just go to the banks for they could provide you of good and reliable information about credit and not to forget a free service.

If you don’t get careful, instead of repairing your score, you might only end up making it worse.  In summary, always make sure that you make all your transactions with only the legitimate companies and their representatives. Don’t believe in every advertisement that you see; do a lot of thinking and inquiry before you make a decision.

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