Editor's note: There are tons of claims about credit swirling around the internet, and it’s not easy to know what’s true and what’s not. With so much on the line with this three-digit number, our editors decided to debunk 3 most common myths.

1. You only have one credit score

One of the biggest rumors is that there’s only one credit score. However, every individual with a credit history can have multiple scores. In fact, thousands of scoring models are used in the credit marketplace, and each formula looks at your credit history differently, giving different weight to various credit factors.

The most common method of determining credit is FICO®. They calculate your credit score using information they hold on your credit report. In general, all your credit scores should be relatively close to each other. If they aren’t, look at your credit reports to understand why.

2. Checking your credit report will harm your score

You can relax the next time you check your credit report because it shouldn’t impact your score. In fact, keeping tabs on your credit status is vital to immediately notice errors and fraudulent activity and make smarter credit decisions.

However, you checking your credit and a lender checking your credit are two different things. While checking your own report is a soft inquiry that won’t lower your credit score, having a potential lender check your credit– or a hard inquiry – can impact your score because it suggests you'll be adding debt. If multiple hard inquiries happen close to another, it can signal to lenders that you might be an irresponsible borrower, which can impact your score.

3. The government owns the credit bureaus

The credit bureaus are also known as CRAs (Credit Reporting Agencies). They are for-profit, independent, commercial companies and aren’t government-owned. However, the government does protect people’s rights to access their credit reports, dispute incorrect information, seek damages from violators, and determine who can access your reports. All this is thanks to the FCRA (Fair Credit Reporting Act).

Good credit is essential to secure housing, get a mortgage, secure low-interest rates, and more. So to keep your credit as good as possible, keep it free of negative marks, errors, and excessive debt.

CreditRepair.com can help you stay on top of your credit by creating an individual management plan to help your credit needs.

With CreditRepair.com, you’ll have access to educational resources, a personalized dashboard, tools that track your progress, a list of negative items impacting your credit, and so much more – starting at $69.95/month. So sign up for CreditRepair.com now and let their dedicated team help you regain control of your credit!

Editor's note: There are tons of claims about credit swirling around the internet, and it’s not easy to know what’s true and what’s not. With so much on the line with this three-digit number, our editors decided to debunk 3 most common myths.

1. You only have one credit score

One of the biggest rumors is that there’s only one credit score. However, every individual with a credit history can have multiple scores. In fact, thousands of scoring models are used in the credit marketplace, and each formula looks at your credit history differently, giving different weight to various credit factors.

The most common method of determining credit is FICO®. They calculate your credit score using information they hold on your credit report. In general, all your credit scores should be relatively close to each other. If they aren’t, look at your credit reports to understand why.

2. Checking your credit report will harm your score

You can relax the next time you check your credit report because it shouldn’t impact your score. In fact, keeping tabs on your credit status is vital to immediately notice errors and fraudulent activity and make smarter credit decisions.

However, you checking your credit and a lender checking your credit are two different things. While checking your own report is a soft inquiry that won’t lower your credit score, having a potential lender check your credit– or a hard inquiry – can impact your score because it suggests you'll be adding debt. If multiple hard inquiries happen close to another, it can signal to lenders that you might be an irresponsible borrower, which can impact your score.

3. The government owns the credit bureaus

The credit bureaus are also known as CRAs (Credit Reporting Agencies). They are for-profit, independent, commercial companies and aren’t government-owned. However, the government does protect people’s rights to access their credit reports, dispute incorrect information, seek damages from violators, and determine who can access your reports. All this is thanks to the FCRA (Fair Credit Reporting Act).

Good credit is essential to secure housing, get a mortgage, secure low-interest rates, and more. So to keep your credit as good as possible, keep it free of negative marks, errors, and excessive debt.

CreditRepair.com can help you stay on top of your credit by creating an individual management plan to help your credit needs.

With CreditRepair.com, you’ll have access to educational resources, a personalized dashboard, tools that track your progress, a list of negative items impacting your credit, and so much more – starting at $69.95/month. So sign up for CreditRepair.com now and let their dedicated team help you regain control of your credit!