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Thirty percent of consumers are not familiar with credit scores ratings, or not even aware of their ranges. Aside from this most alarming fact, there are other significant misinformation that even credit card companies and lenders never correct. Here are some half-truths and myths about credit scores ratings that you should be on your guard:

A FICO rating is not enough

Fair Isaac Corporation, or FICO, is a term that is commonly used to explain credit scores. It is “Experian/Fair, Isaac Risk Model” at Experian. It is “Empirica” in TransUnion. It is “Beacon” in Equifax. The three primary credit-reporting bureaus give ratings from the formula developed by FICO. The difference in the data brings different scores. You will only need a FICO score rating from any of the three, no matter which name it comes with.

Your score will suffer if you had Credit Counseling

Credit Counseling will decrease your score only if you made overdue payments. Other than that, it may build an impression of sincerity and stability on your part. After all, the recent FICO credit score rating system disregards any Credit Counseling record. The statistics found by FICO researches establish that those who avail Credit Counseling did not have more failures in paying their outstanding amounts than those who do not.

Your score will improve by closing old accounts

Your credit background will essentially appear undersized with terminated, old credit accounts. Since applying for new credit will likely lower your score, it is better to reduce or close new accounts instead.

Your score will drop if you check your credit report

All inquiries made within the 14-day period are considered as one inquiry. When computing your credit scores ratings, no inquiries made within the prior 30 days are counted. Searching for loans during this 30-day period can lessen damage from hard inquiries made by credit card companies. However, asking about your own credit report is a soft inquiry that does not reduce your score.

It is always valuable to check if you have been misled by hearsays. Take the advantage of 30 day FREE credit score trial offer and Get Your Free Credit Score from!