Credit Myths – Mistakes That Will Make Your Debts Worse – Part 2
If you owe money, your credit rating is extremely important because it can offer a way for you to get out of debt. If your credit rating is good, you’ll find it easier to refinance your debt at a lower rate of interest. This will reduce the size of your monthly debt repayments, leaving you more money to pay of your debts in a shorter period of time.
But many people don’t fully understand how the credit rating system operates. And the number of credit myths that exist make it even harder to know what does and does not affect your credit rating. So here’s a selection of the biggest credit myths, the truth behind them and the steps that you can take to improve your credit rating.
Credit Myth 4: People Living At Your Address Can Harm Your Credit Rating
This is more of a misunderstanding than a myth. In the past, lenders routinely checked the credit reports of other people living at your address. Their findings were often taken into account when deciding whether to accept a loan application.
In many countries, that practice has now ended. However, credit...
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