Risk & Business Magazine CEO/CFO Business Today Magazine Winter 2018 | Page 26

CREDIT SCORE MYTHS
CREDIT SCORE MYTHS
DEBUNKED
T
he American Bankers Association designates each October as “Get Smart About
Credit” Month. Today we celebrate by learning a little more about the subject,
starting with its most basic component, the credit score.
MYTH #1:
I DON’T HAVE TO WORRY ABOUT MY CREDIT SCORE BECAUSE MY
SPOUSE’S SCORE IS GOOD.
This is untrue. Many falsely think that when they marry, their credit score is
combined with that of their significant other to form a new score. That couldn’t be
further from the truth. Individuals have credit scores, not couples. An individual’s
score is not affected by their significant other.
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BY: CHRIS PRESTON,
VICE PRESIDENT, BRANCH
ADMINISTRATION AND
BUSINESS DEVELOPMENT,
OHIO VALLEY BANK