23 May, 2009
Myth 2: You Can Hurt Your Score by Checking Your Own Credit Report
Posted by: Steve In: Credit Card Myths
No amount of exclamation points makes it so, Lisa. Next to the myth about closing accounts, the myth that you can hurt your score just by checking your credit report seems to be the most pervasive-and potentially destructive.
You need to check your credit report and your score fairly frequently to make sure all is right with your financial world. Checking once a year is about the minimum; given the prevalence of identity theft, you might want to check in with all three bureaus at least twice a year. You should definitely pull all three reports and scores a few months before applying for new credit, because it can take awhile to correct any errors you find.
The folks at Fair Isaac understand your need to review your own data, which is why the FICO formula ignores any inquiries generated when you check your own reports and scores.
Where you can hurt yourself is if you ask a lender to check your score. When a lender pulls your credit, it generates what’s known as “hard” inquiry-and those are counted against your score.
As long as you order from a credit bureau or a service affiliated with a bureau, such as MyFico.com, your inquiries won’t hurt your score.
