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5 beliefs about credit history that can cost you money and peace of mind.
MYTH: «You can pay an intermediary to “clean up” your credit history»
✅ REALITY: No payment to third-party «specialists» can affect the data held by a credit bureau. Information can only be changed in cases of a proven error or fraud, and only upon confirmation from the creditor. Such “services” are simply a waste of money and have no effect whatsoever on the outstanding debt.
MYTH: «If I don’t take out loans, my credit history will be perfect»
✅ REALITY: Without credit activity, a bank has nothing to assess. An “empty” credit history is not a plus: the bank cannot see your payment discipline or assess the associated risks, so trust can only be built through actual use of financial products.
MYTH: «I paid off my debt — my rating will immediately jump to the maximum»
✅ REALITY: Reputation is a long-term game. Your rating takes into account more than 250 factors, including the nature of events, their scale and how long ago they occurred. One payment will not “reset” it — consistency is key: months of regular and timely credit use are needed.
MYTH: «The bureau has a “blacklist” of borrowers»
✅ REALITY: No such list exists. There is an objective credit history and rating based on actual data about how obligations are fulfilled — not subjective “black marks”.
MYTH: «Taking out several loans and immediately paying them off will boost my rating»
✅ REALITY: Quite the opposite — frequent loan applications within a short period signal financial instability to the system. You can damage your credit history in a single day (for example, with one late payment), but rebuilding trust requires a long period of stable and timely repayments.
What really improves your credit history:
- Timely monthly payments.
- Paying off current overdue debts.
- Fewer unnecessary cards and loans “just in case”.
A good credit history is a financial asset that works in your favor for years.
Check your credit history: once a year, it is free.
