Credit scores are some of the most valuable things we possess; a good score can save us thousands of pounds on the cost of credit, a bad score can lock us out from the ability to borrow at all.
But for something so valuable, there are still countless myths that are bandied about. Here we debunk some of the most common ones, with help from credit information providers Equifax and Experian.
1. My credit score will be affected if I live with someone who has problems with debt
Not true. Living with friends and family won’t impact your credit score, so if you live with someone who is having problems with debt, that won’t affect your
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Similarly previous occupants at your address don’t appear on your credit file or affect your score.
However if you share some kind of financial product with someone – such as a joint bank account – you have a financial connection and their score could affect yours and vice versa.
2. There is a credit blacklist
There is no such thing as a credit blacklist, but even so the myth is one that just won’t go away. Lenders base their decisions on a range of information, combining data from the credit reference agencies with information provided on an application form.