Credit Myths and Realities

Debt is the same as credit.

• Myth

• Reality

There is no such thing as good debt.

• Myth

• Reality

If you are worried about debt, you may have too much.

• Myth

• Reality

Cosigning a loan may affect your future ability to get a loan.

• Myth

• Reality

If a debt collector calls you about repayment of a debt, you have the right to tell them to stop calling you.

• Myth

• Reality

The majority of Americans who filed for bankruptcy due to medical debt had health insurance.

• Myth

• Reality

Information in your credit report is used to make a lot of decisions about you.

• Myth

• Reality

Whenever you check your credit report, your credit score goes down a few points.

• Myth

• Reality

It’s not uncommon for people to have more than one credit score.

• Myth

• Reality

Always close credit card accounts that you do not regularly use; keeping them open hurts your credit score.

• Myth

• Reality