6. No need to check the credit reports if bills are paid on time Wrong: Most of the people are under an impression that if they pay their credit card bills and utility bills on time, then there is no need of checking their credit report. Beware! There are many cases where inaccurate data has been used by credit bureaus, leading to a lower credit score. In addition, many fraudsters who might raise loans in your name and will not pay the amount back–indirectly lower your credit card score. Therefore, it is advisable that you check your credit reports at least once a year.

7. Employers have no right to check a job applicant’s credit report: It is actually legal for an employer to pull and review a credit report of a job applicant before hiring. Of course, the employer should seek job applicants before reviewing. In some of the fields like finance, government and banking, agencies often review credit reports before hiring to check whether the interviewee have access to large amount of money or any confidential information. But it is advisable for employers to just check the financial habits or failings of a job applicant instead of checking their credit report.

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