2011 Free Credit Report Guide HTML version

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Credit Myths
Nowadays it's common knowledge
clarified these misconceptio
that cats have nine lives. And we
all know that blondes have more
fun, size doesn't matter, and money
can't buy you happiness! However,
there still seems to be a lot of
mystery surrounding credit. Below
we listed the 9 most common credit
myths and, after rubbing his magic
lamp three times, our Genie
appeared in a puff of smoke and
ns for us once and for all.
CallCredit decide whether or not I qualify for a lender's
Credit ref
provided by credit lenders and other financial institutions, as
well as information from local authorities and the electoral roll.
This information is held on your credit file for lenders to search.
Each lender then applies their own credit scoring model to
decide whether or not you are a suitable customer.
redit Myth 1 - Credit bureaus such as Experian, Equifax and
erence agencies just collate credit information
Although it's a common belief that there's a generic cred
scoring system (also known as credit rating system) used by all
lenders, this is simply not true. Every lender has its own formula
for calculating your credit score, and they update them
regularly depending on their criteria and lending policy at the
time. It's for this reason that whilst one lender may decline your
application for credit, another may happily accept it. So don't
give up at the first obstacle.
redit Myth 2 - All lenders use the same credit scoring system.
he good news is that there are common things you can do to
improve your credit score with all lenders. Experian, Equifax
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