Does checking your credit report hurt your credit?

Question

I have heard that if you check your credit report that it could in turn hurt your credit. Is this true, or do you have to check it multiple times for it to do 'damage?'

Also, do you know of any credible places that you can check your credit report at no charge? I know that you should be able to check it through your bank, but I want to say that mine charges? I haven't looked into enough to know for sure...

Thanks!

Answer 1

Checking your own credit has no effect on your FICO credit score. They only consider checks by others on your file in determining your score. Multiple checks within a short time period are treated as one check.
You are entitled to a free credit report from each of the major credit bureaus every year. There are 3 bureaus so you can check your credit for free without any marks against you 3 times per year. You should go to annualcreditreport.com. This is the official site set up per the federal law to help you get your free report.

Answer 2

you are allowed one free credit report a year directly from the reporting agencies. there are several to choose from: Experian, Transunion, etc. Since they are separate reporting agencies, you could technically get (2) reports per year for free. It's a good idea to check it that often, with as much identity theft/fraud that exists. Yes, it's true that too many inquiries deflate your score, but it's usually only temporarily. Anytime you fill out a credit application, anytime you receive those "prescreened" offers of credit in the mail; those companies have looked at your credit history, and the score deflates.

Answer 3

NO, inquiries to your credit are broken into two categories:

1. Hard inquiry
2. Soft inquiry

The ones that you do yourself for checking purposes are considered #2 and have no bearing on your score and are not considered by lenders.

Queries from agencies, companies fall into #1 and are considered your intent to obtain more credit and generally will hurt your credit from the stand point of FUTURE, potential credit liabilities you will incur.

GOOD LUCK.....

Answer 4

It doesn't hurt your credit, at least, I've never heard that.
You can get a free credit report from www.FreeCreditReport.com or go to www.equifax.com ( I believe they're also free.)

Answer 5

yes , every time you have your credit ran it hurts your credit but it is a very minute amount