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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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What type of credit inquiry may damage Credit score?
Question: "Avoid too many inquiries - inquiries are interpreted as a sign that you have been actively seeking credit and could overextend yourself or may be in financial difficulty."
This was quoted from your site. Does this mean that if I check my Credit score monthly then it will negatively affect my Credit score or how the creditors interpret my credit history?
Answer
No, it doesn't. When you personally check your Credit Report or score it does not affect your Credit score and appear on your Credit Report as a soft inquiry. A soft inquiry does not affect your Credit score.
The Credit score is lowered only when a creditor (not you) requests your Credit Report and a hard inquiry appears on your credit profile. Your Credit score will lose up to five points with each hard inquiry. An excessive number of hard inquiries may indicate that a Consumer is desperate for credit, which may be reflective of a credit problem. That's why is it recommended to open new credit accounts no more than 2 - 3 times a year.
Therefore you may check personal Credit score as many times as you like, it will not hurt your Credit score.
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Return to all Credit Report legal information
Legal Articles about Credit Report
Credit Report Frequently Asked Questions
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Credit report correction techniques
Many times the credit bureau is busy and does not handle your dispute properly ...
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Basic rights under The Fair Credit Reporting Act
All Federal Laws are in consumer's favor and you will have the advantage ...
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Credit Scoring and the Lending Industry
Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...
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7 Ways to Build and Improve Your Personal Credit Score
Entrepreneur
In this edited excerpt, the author offers quick tips you can use to start improving your personal credit score, which has a direct impact on whether you can obtain corporate credit. ... If you're 30 days late, it can affect your credit score for up to ...
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How car shopping can hurt your credit score
KSHB
So she checked her credit report and was stunned: The four car lots had together applied for 27 different loans. "One of them actually ran my credit 8 times," she said. She believes the 27 inquiries lowered her credit score 20 points since she last ...
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