Does Accessing a Credit Report Increase Your Credit Score?

Your FICO score ranges from a low of 300 up to 850. A higher score is better since it can lead to more favorable terms on loans and other credit products, including lower interest rates and larger credit limits. It's prudent to understand how accessing your credit report impacts your credit score.

Identification

Your FICO credit score is based upon the information included within your credit report, according to myFICO. Specifically, 15 percent is the length of your credit history, 35 percent of the score measures your payment history, 10 percent is the amount of new credit applied for, 30 percent is the amount of debt owed, and the remaining 10 percent is the mix of credit types found on the report.

Significance

Accessing your credit report does not increase your FICO credit score at all since it isn't one of the factors FICO considers when calculating your score. When you view your own credit report, that is considered a soft inquiry, and soft inquiries do not impact your credit in any way. On the other hand, hard inquiries, which are inquiries placed upon your credit report as a result of applying for credit, may lower your score.

Consideration

According to myFICO, at 35 percent, how well you pay your bills accounts for the largest percentage of your FICO score. To improve your score, make on-time payments on all of your bills and your score will gradually increase, according to myFICO. Conversely, the opposite is true as well. Late payments will lower your FICO credit score anywhere from 60 points up to as much as 110 points, according to Bankrate. Reducing the amount of debt you owe, which is 30 percent of your overall score, will help increase your score as well, according to myFICO.

Prevention/Solution

According to Bankrate, errors on your credit report can negatively impact your credit score. For the highest score, you should ensure that your credit report is accurate. If your report contains an error, file a dispute with the credit bureau to have it corrected or removed. You can file a dispute online at the bureau's website, over the phone or via mail. The bureau will respond to your dispute within 30 days of the date the bureau receives your request.