Getting to grips with your credit file is crucial if you want to make sure your financial history is in the right shape for getting accepted for credit. However, many of us don’t have a great understanding of what a credit file is – or what we need to do to make sure it stays in good shape. In fact, credit report provider Credit Karma (previously known as Noddle) found that 56% of people were unable to correctly state what a credit score is. Much of this confusion is the result of myths that have arisen around what your credit score is and why it matters.
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These credit file myths have been the cause of a lot of confusion over the years. However, understanding what credit means to you the consumer is a lot simpler than it seems once these myths have been debunked.