Will my Credit Rating go down by asking my Credit reports from many agencies like Equifax, Experion etc.??

Question

Will my Credit Rating go down by asking my Credit reports from many agencies like Equifax, Experion, Freecredit report.com etc.?

I am planning to buy a new Honda car and I want to get my own credit reports from various agencies instead of relying on Car dealer credit reports to get better price on car. Can you advice? which credit report i can rely and by taking many reports from various agaencies will effect my credit rating?

Answer 1

This is part of the business I am in. If you are pulling your credit reports, the answer is NO. As a matter of fact, you are entiled to one free report from each agency every year. This went into effect in 2005 nationwide. It is a proactive step to help prevent negative credit reporting, ID theft, and inaccurate credit reporting.

You need to pull reports from Equifax, TransUnion, and Experion. Use the www.freecreditreport.com site to pull them. Make sure they all match and are accurate. If you need to do any repair, do it in a timely fashion.

Also.... having a company such as a mortgage, bank, or car finance agency checking your credit will not adversely affect it. Neither will having credit card companies who pull credit checks routinely to send you information. All of this is explained on the credit reporting sites.

Do your homework and have fun in your new car!

Answer 2

Your score does not go down if you request your credit report, only if someone else does. Get your report from Equifax, Trans Union, and Experion because they will all be different. Call around to different car places and ask them which credit agency they use. Look at your reports and see which one has the best credit for you and go to the car dealer that uses that credit agency.

Answer 3

You can request your personal credit reports from the national reporting agencies without effecting your credit rating, but using your own info won't get you a better price on a car. If you apply for a loan through a dealer, the dealer will still need to run your credit application through their own system.

The best way to work with financing for a new car is to go to your bank and get pre-approved for a new car loan from the bank. Then when you talk to the car dealer, you can negotiate total "out-the-door" price for the car instead of talking about monthly payments.

Answer 4

If you have lenders look at your credit report around the same time (span of about 7 days) then it will bring down your report just alittle bit because the bureau will see that you are shopping and will lump it together as one. If you take a month or so do look for a good lender, your score will do down even more. My suggestion is to search within one week.
The company chooses which credit report they take, not you.

Answer 5

You as a individual have ALL the right to ask for your credit Report as many times as you want, without impacting your credit history.

However if someone else like a lender/apartment was doing a credit check it will show as an inquiry.

However you want to check if it is soft or hard inquiry. Typlically places where money is directly involved like Credit application it is a Hard hit.

but when your credit is checked for a your insurance premium it will be a soft hit.

Answer 6

No, you should check your report to see if it is accurate. This will not lower your score.

Multiple checks from others can affect your score. For example, my score went down when I moved into an apartment because each one of the utilities I turned on did a check in addition to the apartment manager. So, doing a credit check at a lot of different car lots can decrease your score.

If you go to freecreditreport.com, I think they answer this question.

Answer 7

You need all three from the major reporting agencies to get an acurate assesment of your credit profile. Asking for a combined report should have no adverse effect on your current rating unless you do this too frequently.

Answer 8

Your credit score IS affected when there is a lot of activity. When applying for a mortgage, there is a longer period of time (perhaps 30 days-I'm not sure) where the related inquiries basically count as one

Answer 9

If you buy a credit report from like True credit .com your credit rating will not drop its only when you inquire about credit,like buying a car ,or credit card request

Answer 10

yes, and no
the more times you "ping" your credit company the lower your score, now with the package deals I dont know. my advice to you is to just use one company to check your credit. they will all tell you the same score any way, and dont forget that the car company is going to check your credit also no matter if you have the paperwork in front of their face or not.