Credit Report Weblog

Marilyn Fields of Consumer Credit Counseling spoke with WNCT-TV9 in Greenville, NC about some commonn myths and realities of what types of things effect your credit report score.  The most common myths were:
1.) Check your report with all 3 major credit bureus
2.) Closing old accounts will raise your score
3.) Shopping around for a loan will hurt your score
4.) Being debt free can raise your score
5.) Comanies can be hired to help raise the score
6.) Asking for your own credit report will hurt your score

Now, remember, the 6 myths listed above are MYTHS.  Many people are confused about what really goes into a credit report score because it is complicated and there is no cut and dry answer. The best summary of what composes a credit score, according to Consumer Credit Counseling is:

Payment history is 35 percent. How much debt you have is 30 percent. The length of credit history is 30 percent. How much credit you've recently applied for is 10 percent and other factors such as car loans and mortgage applications is 10 percent.

To read the entire explanations of why the 6 items listed above are myths, go here.