The Top 5 Credit Misconceptions

(From Transunion’s September 2007 newsletter)

#5: Closing old accounts will improve your credit score
#4: Co-signing a loan doesn’t make you responsible for the account
#3: Paying off a negative record will get it removed from your credit report
#2: Paying off a debt will make your credit score jump up 50 points right away
#1: Checking your credit reports will lower your credit score