The FICO credit score affects everybody, not just those people who are unfortunate enough to have missed bill payments, credit card defaults or bankruptcy on their record. No-one is immune from having erroneous items on their credit file or from being the victim of identity fraud. In addition, everyone can benefit from a credit score boost to access the best interest rates which can make all the difference when taking out a mortgage or a loan to finance a car or a business asset.
Before working on improving your score, it is important to discount the many myths and properly inform yourself about what your FICO rating means. Here are seven of the most common myths:
Credit cards are bad for your credit rating
It is not the ownership of credit cards but the way that you use them that is important when it comes to your FICO score. A shrewd consumer might think they are being wise by cutting up their credit cards, but when they come to take out a mortgage they may not have a credit history at all and might miss out on the best rates. Owning and using credit cards, staying well within the credit limits and paying on time every month is the best combination to maximize your credit score.
You only have one credit score
Each of the three major Credit Reporting Agencies (Equifax, Experian and TransUnion) calculate a separate score and either can be accessed by interested parties.
You have to pay for your credit report
This is one of the most enduring myths and one the CRAs are not in a hurry to dispel. The truth is you don’t have to even spend one dollar on a credit report; each of the agencies are legally required to send you one copy per year for free and there is a centralized website through which you can request yours.
My score will not affect my job prospects
That’s not necessarily true. Employers can access your credit report and many do choose to do so.
Lenders only want to deal with people with a perfect credit score
This is wrong on two accounts. First, there is no such thing as a perfect FICO score. Second, there are plenty of credit lines specifically designed for people with a poor credit score (and they can often help you to improve your score too).
Only changing my ID will help me escape a bad credit rating
Only by following a legal credit repair process such as that offered by Speed Fund LLC can rebuild your credit rating. If any organization suggests you need to change your ID or otherwise act dishonestly you should avoid them.
It is better to tackle your own credit file
To rebuild or improve your FICO score you need to follow an effective credit repair process. Few people have the knowhow and contacts to tackle anything complicated and many more lack the confidence and time to do a thorough job. Tackling your own credit file gives the CRAs an easier ride – one reason why this is just what they recommend!
How to legitimately boost your credit score with Speed Fund LLC
If you contact Speed Fund we can help you rebuild or boost your credit score using a tried and tested credit repair process. We work with Better Qualified, trusted experts in the credit repair industry. Get in touch with us today to find out more.