Doctor triumphs in credit card lawsuit, sheds light on credit score myths and facts

livemint.com:

Economic Times reported how this oversight also led to additional interest and penalties due to the supposed non-payment.Dr. Bhalla’s creditworthiness was severely affected by the incident, hampering his access to credit. He pursued legal recourse and successfully resolved the case.

This situation is not unique, as many individuals frequently suffer from credit card issues caused by errors and unnecessary complications, resulting in significant personal and financial repercussions.Many fail to grasp the significance of credit scores and their enduring impact on credibility. Regrettably, a strong credit score is often undervalued. Primarily, a high credit score enhances approval prospects for loans such as mortgages, car loans, and personal loans.

Moreover, it secures lower interest rates, translating into substantial long-term savings. Conversely, a lower credit score yields contrasting outcomes.

In the present day, understanding and managing your credit score effectively is crucial for improving your credit opportunities. However, prevalent misconceptions frequently lead to financial errors.

Numerous misconceptions have been spread about it. Here are some common myths and facts about credit scores to guide you in effective credit management:Checking your credit score lowers it: Many people mistakenly believe that checking your credit score can lower it. However, in reality, checking your credit score is considered a soft inquiry and does not affect your credit score.