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10 credit score truths and myths
If your personal information gets compromised, a thief will open up financial accounts in your name. However, they will not pay the bills, and this will ruin your credit.

Whether bad credit results from the legitimate credit holder’s irresponsibility or from identity theft, your ability to buy a car, rent a nice place, purchase a home or even get employment can be severely stifled.
1. Credit reports aren’t always accurate. Most have a big error or mistake: 80 percent, actually. Regularly check your credit report.
2. Pulling your credit score will lower it. A “soft” pull is done yourself for personal reasons; it will have zero effect. A “hard inquiry” is when a lender pulls it up for loan approval. It will have a negative impact, but small.
3. A higher income = higher credit score. Income is not relevant to credit score; paying bills on time (or not) is what matters.
4. Credit scores and credit reports are the same. The three big credit reports are Equifax, Experian and Transunion. But there are too many various calculations of credit score to even list here. What matters is your credit managing skills and making sure all 3 large credit bureaus ... more

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