Ray at Financial Highway goes Mythbusters on credit scores, revealing 7 myths about the financial benchmarks.

Here’s a sampling of his wares:

Paying My Debt Will Fix My Score

Unfortunately there is not a quick fix for your credit score; if you had payment issues in the past it will take some time before things improve. Your credit score is a history of your payments over a long period of time, although paying a debt will help improve your score it will not magically fix everything.

Scores Get Merged When Married

I have heard this one a few times recently and am not sure how it has started. Your credit report is yours and yours only; it will not be merged or otherwise mixed with your spouse’s. If you apply for joint credit the information will reflect on both reports, however your credit reports will never merge.

Another important myth Ray deflates is the belief that if you pay all your bills on time, you don’t need to check your credit report. Mistakes make their way onto the records of financial saints and sinners alike.

7 Credit Score Myths [Financial Highway]

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