Owing to lack of substantial knowledge, a plethora of myths about the credit score just keeps spreading. The individuals find it incredibly challenging to authenticate the applicability and validity of these myths. However, believing in them can cause immense trouble sometimes. Mentioned below is an accumulation of the popular myths along with a reality check on them.

1.  Evaluating the Credit Report Damages the Score

The professionals providing the best debt review in South Africa said you evaluating the credit report will fortunately not damage the credit score. If innumerable lenders ask about your credit details in a short period, it could hurt the score as well as give an incorrect impression to the lender. It is a good habit to track the credit score after every six months. It will provide you the chance to enhance your financial behavior.

2.  Bad Credit Scores Last Forever

Credit score is the perfect depiction of the financial past. However, it does not necessarily mean that once you have a low score, it will stay with you for an eternity. You can build a credit history and a good score over time. Just make sure to adhere to the good practices. A transaction usually stays in the report for at least three years.  Payment defaulting and bankruptcy stays for ten years. But, there is enough room for improvement.

3.  Getting Married Will Combine the Scores

There is nothing like combining the credit scores in actuality. No matter what one’s marital status is, the credit scores are influenced based on individual behavior about the finances. Always remember, having joint bank accounts will not really alter anything in terms of the credit score and history.

4.  Debit Cards Build the Score

According to the top-notch experts performing the best debt review in South Africa, debit cards do not contribute to building the credit history or get a credit score. Since debit card is equipment to access the balance of the savings account and does not cover the conception of the credit, the transactions done with the debit card will not be used for building credit score or history.

5.  Closing the Credit Card Build the Score

Closing the loan may build the score but the same cannot be applied to closing credit card. You may at times wish to close a credit card account that you do not use frequently. The credit rating agency considers this a bad move. You should be able to deal with several credit lines to get an excellent score. Even if you do not use the old card,  you must keep it active and make a minimal transaction.

The credit repair companies can fix your score, but, it is just another myth. Such companies just enable one to file the disputes, which range from a minute error in the name, to an error in the transaction registered under the name. In case you do not have the understanding or the time as how to get rid of those errors, a credit repair company can help you on your behalf by doing the needful.