Can I check my credit score without hurting it?
In today’s digital age, credit scores play a crucial role in determining one’s financial health and eligibility for loans, mortgages, and other financial products. However, many people are concerned about the impact of checking their credit score on their overall creditworthiness. The good news is that there are ways to check your credit score without causing any harm to your credit report. In this article, we will explore the various methods to check your credit score without negatively affecting it.
Understanding the Difference Between Hard and Soft Inquiries
To understand how checking your credit score can impact it, it’s essential to differentiate between hard inquiries and soft inquiries. A hard inquiry occurs when a lender checks your credit score to evaluate your creditworthiness for a loan or credit card application. This type of inquiry can temporarily lower your credit score by a few points. On the other hand, a soft inquiry is when you check your credit score for personal reasons, such as monitoring your credit or reviewing your credit report. Soft inquiries do not affect your credit score.
Methods to Check Your Credit Score Without Hurting It
1. Use a Credit Score Checker from a Credit Bureau: You can access your credit score for free from each of the three major credit bureaus—Equifax, Experian, and TransUnion. These credit bureaus offer a free credit score to consumers once a year. Checking your score through these official sources will not result in a hard inquiry.
2. Utilize Credit Score Monitoring Services: Many financial institutions and credit monitoring services provide free access to your credit score. These services typically perform soft inquiries, so your credit score will not be affected. Examples of such services include Credit Karma, Quizzle, and Credit Sesame.
3. Check Your Credit Score on Your Bank’s Website: Some banks and credit unions offer their customers free access to their credit score through their online banking platform. Since these inquiries are performed by the bank, they are considered soft inquiries and will not impact your credit score.
4. Review Your Credit Report: Checking your credit report regularly is an excellent way to monitor your credit score without causing any harm. You can obtain a free copy of your credit report from each of the three credit bureaus once a year at AnnualCreditReport.com. Reviewing your credit report will not result in a hard inquiry.
Conclusion
Checking your credit score without hurting it is possible by utilizing the various methods mentioned above. By understanding the difference between hard and soft inquiries and using the appropriate tools, you can stay informed about your credit score without negatively impacting your creditworthiness. Regularly monitoring your credit score and report can help you identify potential issues and take steps to improve your financial health.
