Banking and your credit score

By Marcie Geffner -

Most banking activities aren't reported to credit bureaus, but a few can definitely knock some points off your credit score.

It's a common misconception that every piece of financial information is logged into a consumer's credit report. However, the truth is that deposit accounts at banks, credit unions and stock brokerages are largely excluded from credit reporting, credit reports and credit scores.

Banking activities that have no impact on a consumer's credit report or score include making a deposit or withdrawal, writing a check, closing an account or even having multiple bank accounts.

Even so, there are some instances when banking intersects with credit reporting.

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