• Myth #1: There’s only one credit score.
• Truth: You have 3 credit scores, you have to care about all 3 (i.e. Experian, Equifax and TransUnion).

• Myth #2: There’s only one credit score model (e.g. FICO).
• Truth:  There are lots of different credit score models. FICO scores are the most used. 90% of mortgage lenders use them.
• Myth #3: Credit scores don’t matter unless you need a loan for a car or house.
• Truth:  20% of employers check your credit scores.
• Myth #4: Your credit scores are the same across all 3 bureaus.
• Truth:  Your credit scores WILL vary. 29% of consumers have 50 point swings.
• Myth #5: You can get free FICO scores at AnnualCreditReport.com
• Truth:  You can get a free credit report but FICO scores aren’t included. Only Equifax provides them at AnnualCreditReport.com for $7.95.
• Myth #6: Closing credit cards will help your credit score.
• Truth:  Closing credit cards HURTS your score.
• Myth #7: You need to keep a balance on your credit cards to build your credit.
• Truth:  You don’t need to keep a credit card balance to increase your credit score.
• Myth #8: Checking your credit scores will hurt your credit.
• Truth:  Only credit checks done through a lender can harm your credit.
• Myth #9: Online home loan shopping harms your credit score.
• Truth:  Online home loan shopping does not affect your credit score.
• Myth #10: Hire a company to help repair your credit.
• Truth:  According to the FTC - do it yourself.

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