So much misinformation about what impacts your credit score.

We’d like to set the record straight on 7 Credit Fallacies.

Bottom Line, as much as possible, be responsible, don’t run up debt you can’t afford, and live up to your obligations.


1.  The feds own credit bureaus.

HOOEY – the 3 major credit bureaus Experion,  Equifax and TransUnion are for profit public companies.

2.  Your Education Impacts your Credit Score.

As if someone would downgrade Bill Gates’ credit because he didn’t finish Harvard!   Credit scores are a measurement of your credit risk, and does not look at your education, race, gender or nationality.

3.  Multiple Inquiries Hurt your Credit Score

This used to be the case, but when you shop for a major purchase, it is normal to have a brief period with multiple inquiries as you find .. say.. financing for a car.   Multiple requests in a short period are often treated as a single inquiry, and have nearly no impact on your score.

4.  Checking your own credit report hurts your score.

FALSE!  In fact, savvy credit management dictates that you DO check your credit reports to be sure that everything there is accurate!

5.  It costs to see your credit history.

NOPE – you get – by law – a free credit report every year by going to

6.  Credit Counseling hurts credit scores

Getting help does not impact your score, and a good credit counselor can help you budget, get your finances under control, and improve your score.

7.  It Takes Years to change your credit score.

Your FICO score is updated monthly, and can be continuously and constantly improved and updated.  Manage your credit wisely, and watch that score climb.

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