Is it true that everytime your credit report is looked up, it actually negatively affects your credit score? And what about these credit report programs- if one is enrolled in one, how does that affect credit? Thanks for any info in advance.
2006-12-03 11:18:03 · 5 answers · asked by mirandalime 2 in Business & Finance ➔ Credit
Only when your credit report is looked up by credit agencies does it negatively hurt your credit score. But looking up the credit report yourself, no, it doesn't hurt. I am a member of http://www.mycreditkeeper.com and it has done wonders for me, plus I get my credit report every month, and it has been going up each time, not down. I get my credit report, credit scores, fraud detector, 24/7 credit watch (they call me if they suspect negative activity), and a lot of other great features for only $7.99 a month. Believe me it is worth it. Best of Luck!
2006-12-03 14:58:23 · answer #1 · answered by Renee W 2 · 0⤊ 0⤋
No, it does not negatively affect your credit when someone looks into your credit report. However, when you have many, many look ups, then it does start to become a problem.
A credit report program? You mean when you get a report monthly or something? Those are not good. You can order a free report from all of the reporting agencies once a year. Don't go through a second party, they want you to do that so they can look at your report and use it. Some people don't know that.
You can opt out of too many look ups, contact the reporting agencies (Equifax, etc.) and let them know. I did this because I had banks looking at my credit for no reason. I didn't like that at all and put a stop to it by opting out.
2006-12-03 19:29:42 · answer #2 · answered by MadforMAC 7 · 0⤊ 0⤋
I'm not sure if Marcus is correct, or if he's just confused. As a professional "credit score" repair dude I would expect him to know this one.
There are two types of inquiries.
Soft inquires are (for example) those where you request your own credit history.
Hard inquiries are those where you have applied for credit, and they run a credit check. These types of inquiries will absolutely have a negative effect on your score. Those not aware of this, who go out applying for several credit cards or loans, will discover their credit score dropping quite a bit. It will fix itself over a few months time, but you need to be aware of this.
2006-12-03 21:14:05 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Inquiries really don't impact the scores unless you are repeatedly running your credit over and over. I run a company called Fico Score Solutions Inc. and we work on removing negative information and increasing credit scores. If you have any more additional questions, e-mail me.
2006-12-03 20:42:46 · answer #4 · answered by marcus w 1 · 0⤊ 0⤋
It depends on the type of credit pull...if you are asking for money...then a hard hit is what's done on credit and depending on how many times u have it pulled and by whom can affect your score...however soft hits such as an insurance company.....or applieing to an apartment won't hurt your credit..
2006-12-04 12:29:16 · answer #5 · answered by smiley20903 2 · 0⤊ 0⤋