It is the time to know everything about Credit report, because it impacts a lot on your finance, reputation and revenue. Give the weight age knowing importance of your total credit check score or screening. Numerous things are there about credit, that people think they know very well. But this misconception badly affects your score by lowering them. Thus landlords, banks, business owners, employers charge you higher. Even those myths lead some widespread confusion. To avoid them, here are most prevalent myths described.

Myth 1 – Your credit score become better if your income is high:

Generally, people always think that if your income is high, then you’ll get good Credit Score. But this is totally wrong. Income is the factor that is not being included in the credit score report so it have no affects your score or not helps boost it. But, it is true that some landlords or lenders ask about your income for their safety concerns while reviewing your loans. That time if you have a good one, then sometimes favour you.

Myth 2 – Having balance will boost-up your score:

Some guests of article posts queries that ”does credit balance improves score?”. The ultimate answer for this question is “no”. This myth eventually heard by people, that carrying huge balance shows their ability to manage credit card properly. Ideally, measure and maintenance of your debt-to-credit ratio make your score the better.

Myth 3 – Professional employers always check your credit score:

This myth getting you more confusing always. But the truth behind it is, employers can check-up your credit report not credit score. Or do employment background check from leading credit check services taking your permission. According to this, credit report reviewed as an inquiry from proficient lenders and if those inquiries found your different  new loan applications, that will definitely affects on your credit score.

Myth 4 – Closing credit card account will destroy its history:

It is falsehood that, closing accounts falloff your credit report. ­­All your closed accounts show details that you closed it. Undoubtedly it’s good news that closing an account decline available credit. Even after your account being closed, every credit history remains there on your report for years.