Myth #20 “The More Money You Make, The Higher Your Credit Score”

Fact: The money you make has no impact on your credit score. Credit scoring models do not take your income or wages as a factor in your credit scores. You are not to be discriminated based on your income or wages.

Many people have beliefs about their credit reports that are just not true. In fact, there are just too many credit report myths floating around and on the internet that are simply not true. One of the most prevalent areas of misconception is what is and what is not reporting on your credit reports.

Your income does not report on your credit report, at least it hasn’t since 1990 when the bureaus went through the exercise to purge it. As long as you keep all of your financial obligations paid, the amount of money you make is not relevant to your credit reports and scores. You could have an 850 score and be unemployed.

To explore 5-Key Strategies to Maximize Your Credit Score, click here.

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The advice provided is for informational purposes only. It is not
to be used as legal counsel or legal advice.