Financial topics aren't exactly the easiest ones to understand, and credit issues are more misunderstood than anything else. Not even professionals who advise consumers know as much about credit as they should. That means that you, the consumer, are responsible to research on your own. Here are ten of the most common credit myths out there.

Myth Number One: If you pay off or settle something like a tax lien, collection, late payment, or a judgement, it is removed from your own credit report.

False. When you pay off a lien, collection, payment or judgement, the mark still stays on your credit. However, having a collection that is shown as being paid certainly looks better than one that isn't paid; just know it won't vanish.

Myth Number Two: By paying off my credit card bill in full each month, I will be improving my credit.

Since credit card companies make money on interest, and a good customer is one who makes the company money, paying everything off in one is alright, but it's better to make regular payments and keep a small balance.

Myth Number Three: Repairing your credit is illegal.
It's perfectly legal; you have the option of either hiring someone or repairing your credit on your own. The Fair Credit Reporting Act, or the FCRA, protects that right.

Myth Number Four: If I try using a credit counselling programme, this will raise up my credit scores.

Unfortunately, this is true. Your creditors will place lines into your credit report to show which accounts are in the programme. Prospective lenders will see that you have had debt problems in the past and deny any loans. Also, these programmes can cause your payments to be late.

Myth Number Five: Any negative item I have on my credit report is required by law to stay on my credit for seven years.

No laws have set that number in stone. The law actually says items are allowed to stay on your credit report for up to seven years, but must be proven and reported accurately. There are exceptions, such as bankruptcy, which can last longer.

Myth Number Six: I have a high income, so my credit will be good.
Your income really has no direct bearing on what your credit scores will be. The credit score you have is actually determined by things such as account balances, payment history, and the different types of credit you are using.

Myth Number Seven: I've never been late with a payment, so naturally, my credit is fantastic.
While it is beneficial to make sure you pay on time every month, only thirty-five percent of your score is determined by your payment history. You can be 100 percent on time and it will not stop you from having no credit, or bad credit.

Myth Number Eight: The three credit bureaus will all have identical credit reports for me.
Each company uses their own different process in finding your score, and creditors might only report to one or two of them. That means you are looking at different reports with each bureau.

Myth Number Nine: My spouse and I now share the same credit report since we got married.
Just because you have certain items that are shared in joint accounts, the reports are still for individuals, which mean you will have your own report.

Myth Number Ten: By closing out my older credit accounts, I will increase my scores.
Your credit scores stand on how old your good accounts are, and so the longer you hold an account in its good standing, your scores will improve.

Now that you know the myths about credit, you need to get out there and do something about it. Make sure you help yourself with your credit, and tell others so they don't fall into these myths.