Nowadays most of the people get the wrong ideas on the credit reporting and the credit scores which they get. There are number of ways that your credit score gets increased. Let us see some of the misunderstandings in people about credit reporting and credit scores and its facts:
- Personal information cannot be deleted in credit report
Most of the people think that once the information is in the credit report it cannot get deleted. Since Fair Credit Reporting Act gives you a chance of deleting the credit report you can easily erase your personal information in it. The law also allows you to solve any inaccurate information in the credit report.
- Payment History make up your consumer credit score
Your consumer credit score is not increased by the payment history but there are other categories which increases your credit score. Your bill paying habit takes 35% credit score, debt to credit ratio acquire 30%, length of your credit history obtain 15% and your new credit application, resolve accounts takes 10% each.
- Credit investigation hurts your credit score
There are soft and hard credit investigations available. In the soft credit type the inquiries are carried out by the creditors, landlords or employees and it does not affect you. The hard credit inquiries surely affect your future opportunities to get any loans.
- Opening new account improves credit score
If you are having any credit history such as the age of your account then you can get 15% credit score. If your account is older then you may get more credit points and your account should be open for a minimum of 12 months to get this credit. Instead of opening a new account you can activate the inactive accounts and can make credit purchase. It helps to improve your payment history.
These are some of the misconceptions that are among the people today. Fair credit reporting has number of benefits and you can make use of them effectively.
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