Just like no one ever asked to be born, no one asked to have a credit score, and yet we all do. And now, unlike in your actual life, you may be entitled to financial compensation for simply having a credit score, thanks to Equifax.
Why you may ask? Payments in the 2017 Equifax data breach are finally being disbursed and users across social media are asking if they’re real, if so, are they getting a payment too? And why is the payment so small?
If you’re good about keeping your personal and business finances separate, you may think that the only credit score you have to worry about is your own. While maintaining good personal credit is certainly important if you’re applying for business loans, you may not realize that your company has its own credit score — and it’s just as essential to monitor.
“Businesses in the eyes of the law are treated like people,” said Jeff Stibel, CEO of Dun & Bradstreet Credibility Corporation, which provides credit-building and credibility solutions for businesses. “The smallest businesses tend not to incorporate or get a credit file, so they [think they don’t] have a credit score. Whether you’re proactively trying to get your score or not, it’s very likely that you still have one.”
When it comes to the world of credit reporting and scoring, misinformation and myths abound. You will find many self-proclaimed “experts” or “gurus” laugh out loud who are all too quick to give consumers advice regarding how to improve credit scores. Even your cousin, your parent, your banker, or your Realtor may think that they have great credit advice to give you.
While your loved ones and even some of the “experts” may have good intentions at heart, you should be very careful before blindly following advice about how to improve credit scores. Following the wrong advice could damage your credit scores and might cost you a lot of money in the long run. Controlling your credit scores isnt like making a pizza, where even if you do it wrong it still tastes decent.
Here are a few of the most popular credit myths which, if followed, could have very negative consequences for your credit scores:
Dispatches From The Front 