Because of how accurate credit listings are defined by the FCRA and other legal rulings, many of the things on your credit reports you think are accurate may not be.

Credit card issuers have begun lowering the credit limits of credit card users who have a late payment, apply for other sources of credit, or have their credit scores drop. This can then cause credit scores to drop even further.

What follows are some of the myths people believe to be true about the consumer credit system. By distancing yourself from these defeatist fallacies, you can open yourself up to learning the truth about your credit and what you can do to manage it.