Credit Score tip of the week

Veracity's Credit Tip of the Week

Myths of Credit Scores

Myth: Consumers only have 1 credit score.

Fact: Every lender will look at 3 different scores from each of the three Credit Bureaus information. In common practice, a lender will use whatever score happens to fall in the middle. It is always a good idea to check all 3 when you purchase your scores online.

Myth: Your age, income and place of residence are factors in your score.

Fact: None of this information will be factored into your scores. Though your address, employer and DOB do show on the report they will have no bearing on the score itself.

Myth: Shopping around for a loan hurts your score.

Fact: Though excessive inquiries do damage a score, as long as you are shopping for the same type of credit within a 14 day period, your scores should not be affected. Scores will drop if you apply for a car loan, a house loan, and a credit card all in the same month as these types of credit all differ.