Checking your own credit report? Know why it won’t hurt your credit score

Checking your own credit report does not lower your credit score because it is generally a soft inquiry. Understand the difference between soft and hard inquiries, why lender checks can affect your score, and how regular credit monitoring can help detect errors and fraud.

Your credit report is like your financial report card. Checking it regularly is a critical part of managing your finances. Still, some people hesitate to access their own credit reports due to misconceptions, believing that doing so can lower their credit score and even harm their overall credit report. This is a common misconception that should be addressed appropriately to spread meaningful credit management information.

The core difference between a ‘soft inquiry’, which generally does not impact an individual’s credit score, and a ‘hard inquiry’, which can have a meaningful impact when a lending institution checks an individual’s credit history as part of a loan or credit application, should be clearly acknowledged.

Self-checks are different from lender enquiries

When an individual checks their own credit report, the inquiry is considered a soft check. It does not lower the individual’s credit score, permitting them to review their own borrowing history and credit profile without worrying about damaging their credit profile or long-term borrowing potential.