Will It Hurt My Credit to Look at My Credit Score?

You may have heard that credit inquiries -- that is, someone checking your credit report -- can lead to a drop in your score. This is sometimes true if the inquiry comes from a potential lender. But you can rest assured that your credit will not be penalized if you yourself look at your score.

Access to Your Report

You have the right to access the credit report held by each of the three major credit bureaus, Equifax, TransUnion and Experian, once each year for free. The best way to do this is through the AnnualCreditReport.com website. If you space these inquiries out and check just one bureau at a time, you can keep an eye on your report every four months for free. You should note, though, that this access will not include your actual three digit credit score. You have to pay a fee to see your score in addition to your report. The bureaus are able to distinguish that the inquiry is being made by you, and there will be no effect on your score.

Why Check Your Report

It's very important to keep an eye on your report for several reasons. You want to make sure that all the information on your report is accurate, and that no incorrect statements are dragging down your score. You also want to keep a close eye out for identity theft. Lastly it's important to make sure your report is in great shape just before you apply for a major loan such as a mortgage or a car note.

Inquiries That Affect Your Score

Checking your own score won't have an effect, but if you give lenders permission to access your report, it can depress your score temporarily. If you are shopping around for a mortgage or a car loan, all of those inquiries from lenders will be treated as one, minimizing the impact. If you are applying for revolving credit, such as a credit card or store card, each inquiry will have a separate downward effect on your score.

Inquiries That Don't Affect Your Score

You can give other people and agencies permission to access your report with no effect on your score. If a prospective landlord looks at your credit, this has no implications for your score. That's also true of a prospective employer. If an insurance company checks your score for underwriting purposes after you have applied for a policy, this will also have no effect.