Dr. Alisha Harper, an assistant professor of
accounting at Bellarmine University, says misconceptions about credit scores abound and marketing efforts for credit monitoring programs don't always help.
In a
question-and-answer interview with WalletHub, Harper says many people believe they have a single credit score. "There are a lot of commercials asking consumers 'do you know your credit score?'," she said. "Consumers believe there can only be one, so both confusion and distrust result when a lender begins talking about multiple reports with different scores."
She also cites what she believes are the two most common misunderstandings people have about credit scores: "that unpaid medical bills to not impact a credit score and that it will impact my score if I check it myself."
Harper suggests people check their credit scores more often -- especially before approaching potential lenders. They'll likely see the same information the lender will review, even if the lender's scoring system is different.
Harper received a bachelor's degree from Shepherd University, a doctor of law degree from the University of Louisville, and a master of law degree in taxation from Georgetown University. Prior to joining Bellarmine's faculty in in 2012, she worked as a senior attorney for the IRS Office of Chief Council. Her research interests include practical tax strategies and pedagogies in the online classroom.