Credit Urban Legends

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					ARETE MORTGAGE, INC.




   Licensed in Colorado,
New Mexico and California

    WWW.ARETE.US
   Credit
   Urban
  Legends
They could be hazardous
to your financial health!
It's likely that everyone you know
    has some knowledge about
             credit scores,
            credit reporting
           and credit repair.


 Ever wonder if you're
       spreading
   an urban legend?
      Quick Quiz-


Grab a piece of paper and
number from one to ten.
      Question #1
Checking your own credit
 will lower your scores.

       True or False
     Question #2
 Paying off a debt will
improve your score by
  at least 50 points.

      True or False
       Question #3

Good financial behavior and
      time are the two
  most important factors
     for your score.

         True or False
      Question #4
Being a co-signer doesn't
 make you responsible
   for the account.

       True or False
       Question #5

Once you pay off a negative
            record,
    it will be removed
   from your report.

         True or False
       Question #6
   Closing old accounts
will increase your scores.

        True or False
       Question #7
A late payment will remain
   on your credit report
    for seven (7) years.

        True or False
         Question #8
Your credit scores are included
  in your free credit report.

          True or False
        Question #9
If you pay your bills on time,
    then you do not need
to check your credit report.

          True or False
   Question #10

  The three major
 credit agencies are
Transunion, Equifax,
   and Experian.

     True or False
     Let’s Check Your Answers
 1-FALSE    Checking your own credit will lower your scores.


 2-FALSE    Paying off a debt will improve your score by
                at least 50 points.

 3-TRUE    Good financial behavior and time are the two
            most important factors for your score.

 4-FALSE    Being a co-signer doesn't make you responsible
                for the account.

 5-FALSE    Once you pay off a negative record,
               it will be removed from your report.
           Checking Answers-
 6-FALSE     Closing old accounts will increase your scores.


 7-TRUE     A late payment will remain on your credit report for
                  seven (7) years.


 8-FALSE     Your credit scores are included in your free credit
 report.


 9-FALSE     If you pay your bills on time, then you
                  do not need to check your credit report.


 10-TRUE      The three major credit agencies are
                 Transunion, Equifax, and Experian.
        What Your Score Means~
   8-10 Correct –
      GREAT... you're on the right credit track!

   6-7 Correct –
      CAUTION... you’re teetering on the edge!

   5 or less Correct –
                 EXTREME DANGER...
           you're an urban legend machine!
       Benjamin Franklin -
      American statesman,
    philosopher and inventor:



 An investment in knowledge
always pays the best interest.
When it comes to mortgages…



           It’s all about Trust.

   We take our responsibility as mortgage
    brokers and advisors very seriously.

				
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posted:3/31/2011
language:English
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