7 Credit Misconceptions and Myths Debunked


1. There’s only one credit score lenders use

People may not realize that there are dozens of scoring models floating around out there, but they need to be careful because all credit scores were not built the same. The FICO score is used by 90% of the lenders and the other scoring model that’s used is the VantageScore. This model was created by the three major credit bureaus and is better for people that are brand new to having credit.