Uncover the truth behind popular credit misconceptions and take control of your financial future.

Credit repair is surrounded by misinformation, and many people believe myths that can hurt their financial progress. Misunderstanding how credit works can lead to poor decisions and keep your score lower than it needs to be.

In this article, we’ll debunk five common myths about credit repair so you can make informed choices and improve your credit the right way.

Myth 1: Checking Your Credit Hurts Your Score

Many people avoid checking their credit because they think it will lower their score. The truth? Checking your own credit is considered a soft inquiry and has no impact on your score.

Fact: You should check your credit regularly to monitor changes and catch errors early.

Myth 2: You Must Carry a Credit Card Balance to Build Credit

Some believe that carrying a balance month-to-month boosts their score. In reality, this only costs you money in interest.

Fact: You can build excellent credit by paying your card in full each month and keeping your utilization low.

Myth 3: Closing Old Accounts Helps Your Score

Closing old accounts can actually hurt your score by reducing your average account age and increasing your utilization rate.

Fact: Keep older accounts open unless they have high fees or pose a risk.

Myth 4: Credit Repair Companies Can Erase Accurate Negative Items

No legitimate credit repair company can remove accurate, verified negative information from your report.

Fact: Only inaccurate, outdated, or unverifiable items can be removed. The rest will remain until they expire under credit reporting laws.

Myth 5: Credit Repair Takes Years

While some improvements take time, you can see positive changes within months by paying bills on time, lowering debt, and disputing inaccuracies.

Fact: The timeline depends on your starting point and the steps you take.

Final Thoughts

Believing credit repair myths can keep you from reaching your financial goals. By knowing the facts and taking consistent action, you can build a healthier credit profile and open the door to better opportunities.

If you’re ready to start your credit improvement journey, The Credit Specialists can help you create a personalized plan.