As a financial advisor with several years of experience in credit management, I can tell you that the misconception about credit checks and their impact on credit scores is quite widespread. However, it's important to clarify that **checking your credit score does not hurt it**. Let's delve into the details to understand why this is the case.

Firstly, it's crucial to distinguish between the two types of credit inquiries: hard inquiries and soft inquiries. A hard inquiry is when a lender checks your credit history to make a lending decision after you apply for credit. This type of inquiry can indeed lower your credit score temporarily, as it indicates to other lenders that you are seeking new credit. It's a signal that you might be a higher risk, which could lead to a slight decrease in your score.

On the other hand, a soft inquiry is when you, or someone you've authorized, checks your credit report or score. This could be for various reasons such as monitoring your credit, shopping for the best interest rates, or reviewing your credit report for errors. The key point here is that soft inquiries do not affect your credit score. They are not visible to other lenders and are only used for your personal review.

The reason why soft inquiries don't impact your credit score is that they are not considered a risk factor. When you check your credit score, you're not applying for new credit, and thus, you're not demonstrating a need for additional borrowing. As a result, this action has no bearing on your creditworthiness.

Moreover, it's highly beneficial to regularly check your credit score and report. Doing so allows you to monitor your credit health, identify any potential errors or fraudulent activity early, and understand how different financial behaviors might affect your score. It's a proactive step towards maintaining good credit.

It's also worth noting that credit scores are calculated using various factors, including payment history, credit utilization, length of credit history, types of credit used, and new credit. Checking your credit score does not fall into any of these categories, so it has no direct influence on the calculation of your score.

In conclusion, the belief that checking your credit score negatively affects it is a myth. Soft inquiries, such as when you check your own credit score, do not impact your credit score. It's always a good practice to monitor your credit regularly to ensure that you're maintaining a healthy financial profile.

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The notion that checking your credit score affects your score is a common one, but it's false. ... Credit-damaging --hard-- inquiries occur when you apply for credit and can impact your credit score, unlike the soft inquiries that occur when you check your credit score or credit report.Oct 24, 2016read more >>