Regularly checking your credit reports and credit scores is a good way to ensure information is accurate. But can checking your credit hurt your credit scores? [Duration: 00:54].
Many people are scared to check their credit scores or request a copy of their credit reports for fear that it will have a negative effect on them.
Good news: Credit scores arent impacted by checking your own credit reports or credit scores. In actuality, making sure your account and personal information is accurate and monitoring your credit reports and scores on a regular basis can help identify any warning indications of possible identity theft.
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Impact of soft and hard inquiries on credit scores
A “soft” inquiry is when you check credit scores or request a copy of your credit report. Additional kinds of soft inquiries come from businesses that send you marketing offers for credit cards and evaluations of your current loan account from organizations you already do business with. Potential lenders who may be reviewing your credit reports cannot see soft inquiries, and they have no effect on credit scores. Depending on the kind, they are visible to you and remain on your credit reports for 12 to 24 months.
The other type of inquiry is a “hard” inquiry. These happen after the prospective lender examines your credit history after you have applied for a loan or credit card.
Hard inquiries do have an impact on credit scores, but if you’re looking to buy a big ticket item, like a house or a mortgage, and you want to shop around for the best deals, many hard inquiries are usually combined into one for a set amount of time, usually 14 to 45 days. That allows you ample time to check different lenders and find the best loan terms for you. This multiple-hard inquiry exception generally does not apply to credit cards. Find out more information on hard inquiries and your credit.
Getting your credit reports
Every 12 months, you can get a free copy of your credit report from each of the three national credit bureaus by going to www. annualcreditreport. com. You can also create a myEquifax account to get six free Equifax credit reports each year. Additionally, you can sign up for Equifax Core CreditTM to receive a free monthly Equifax credit report and a free monthly VantageScore® 3 by clicking “Get my free credit score” on your myEquifax dashboard. 0 credit score, based on Equifax data. A VantageScore is one of many types of credit scores.
Make sure all of your personal information, including your name and address, is correct and that there are no items on your credit report that you are unfamiliar with when you check it. In addition, make sure your account information is accurate and complete. Is there account information listed that you don’t think is yours? Do the account balances, credit limits, and payment history appear accurate?
Get in touch with the lending company directly if you notice account information on your credit reports that you feel is incomplete or erroneous. You can also file a dispute with the credit bureau providing the credit report. At Equifax, you can create a myEquifax account to file a dispute. Visit our dispute page to learn other ways you can submit a dispute.
How To Check YOUR Credit Score for FREE (& what your free FICO Score or VantageScore means) 2024
FAQ
How can I check my credit score without damaging it?
How many times can you check your credit score without hurting your credit?
Does it hurt my credit score if I check it?
Is there a downside to checking your credit score?
Does checking a credit score affect your credit score?
Checking your credit score will not have an affect on it. Requesting a copy of your credit report or checking your credit score is known as a “soft inquiry.” Soft inquiries are not visible to potential lenders when they view your credit report; however, they may remain visible to you on your report for 12 to 24 months.
Does checking your credit score lower it?
If you check your credit score yourself, it doesn’t lower it. But if a lender or credit card issuer does, it might. Either way, you’ll see an “inquiry” on your credit report. It means that someone — you or a lender — pulled your credit. (A credit report is your track record with credit.
Should you check your credit score?
Monitoring your credit is one of the most important financial habits you can build. It allows you to address errors, respond to fraudulent activity and gain insight into how your behaviors impact the health of your credit. You may have heard that checking your credit score will lower it, but this is a myth.
Why is checking my credit score important?
Checking your credit score is an important step in ensuring your personal information is correct and complete. Checking your credit score is considered to be a “soft inquiry.” Soft inquiries typically are not visible to lenders on your credit report. The idea that checking your credit score will have a negative impact is a common myth.