Many people are unsure about credit repair and what truly affects their credit score. This leads to the spread of several common myths. At Credit Group, we believe in helping you understand the facts so you can make informed decisions. Let’s take a look at five of the most common credit myths—and set the record straight.
Myth #1: Checking Your Credit Will Hurt Your Score
One of the most widespread misconceptions is that checking your own credit score will negatively impact it. The truth is, checking your own credit is considered a "soft inquiry," which has no effect on your score. In fact, regularly reviewing your credit report is a good practice to ensure that all the information is accurate and up to date.
Myth #2: Closing Old Credit Accounts Will Improve Your Score
It might seem logical that closing old credit accounts could improve your score, but the opposite is often true. When you close an account, your credit utilization ratio (how much credit you’re using versus how much you have available) increases. This can hurt your score. It’s usually best to keep old accounts open, as long as they don’t have annual fees.
Myth #3: Paying Off Collections Will Automatically Boost Your Score
While paying off collections can improve your credit report, it doesn’t always immediately boost your score. Depending on how the account is reported, paying off the debt may not remove the negative mark entirely. That’s why Credit Group can help you dispute any inaccurate or outdated collection accounts to ensure that your credit report reflects the true picture.
- Checking your own credit score is a soft inquiry and won’t hurt your credit.
- Closing old accounts can actually lower your score by increasing credit utilization.
- Paying off collections doesn’t always improve your score right away—it depends on how it's reported.
- You can repair your own credit, but expert guidance from Credit Group makes it faster and easier.
Myth #4: You Can't Repair Your Own Credit
Many people believe that credit repair can only be done by professionals, but that's not the case. With the right knowledge and tools, you can take steps to repair your own credit. However, if you're struggling or don’t have the time to navigate the process, Credit Group is here to help. We provide expert guidance to ensure your credit repair journey is as smooth as possible.
Myth #5: A Good Credit Score Can’t Be Achieved Quickly
It’s true that repairing your credit takes time, but with dedication and the right strategies, you can see improvements relatively quickly. Credit Group helps clients repair their credit faster by focusing on the most impactful areas, including disputing errors, reducing debt, and negotiating with creditors.
Get Started with Credit Group Today!
Don’t wait—get started today by scheduling a free consultation with one of our specialists. Let us help you repair your credit and unlock new opportunities for financial success!