Understanding credit scores can be confusing, especially with the many myths surrounding them. Craig Tebbutt, chief strategy and innovation officer at Equifax, clarifies several misconceptions. First, credit scores and credit reports are not the same; the score is a numerical representation derived from the detailed information in your credit report. Importantly, your credit score is not affected by your partner's score unless you apply for credit together. Being on the electoral roll is beneficial as it helps lenders verify your identity. Checking your credit file regularly does not harm your score, and doing so can help you identify potential issues or errors. While credit cards can negatively impact your score if mismanaged, responsible use can actually enhance it. Your income does not directly affect your score, but it plays a role in lenders assessing your repayment ability. Lastly, you can improve a poor score through timely payments and responsible credit use.
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