Checking Your Own Credit Report Will NOT Lower Your Score

Checking Your Own Credit Report Will NOT Lower Your Score

It is becoming increasingly more important to keep close tabs on your current financial status, with many recommending that you ask for copies of your credit report several times a year.

The reasons you are recommended to do so are varied. If you are going to be applying for a loan, renting a house or mortgaging your home you will want to know in advance what your standing is and how it appears to your prospective creditors.

Aurora Lillo Editor of the "Get MY Credit Report" website -- http://www.GetMyCreditReport.biz -- pointed out;

"...The best way to assess this is by asking for a copy of your report from either one or all three major credit bureaus..."

Your report has a lot of information included on it, some of which may seem very innocuous to you but which may actually send warning signals to potential creditors. Any time you apply for credit an inquiry for your report is made by the person you are seeking a loan or advance from. These are called hard inquiries and they can be initiated from many different sources. For example, every time you apply for a MasterCard or a loan of some type, or request to pay for goods on time a check is run on your monetary status. These types of inquiries are called hard inquiries and they can impact your credit rating in a negative way by lowering your score. When someone you are seeking a loan from notices all of these hard inquiries, or sees that you have a low credit score, it implies that you are in need of a lot of financial assistance. This can cause them to be apprehensive about giving you a loan or make them increase interest rates on your loan as they may think you are high risk'.

Other people can request your financial details as well such as potential landlords, employers and marketers. You can also request to see your own information. These types of inquiries are considered soft inquiries and they do not show up on your report at all nor do they have any impact on your score.

"...The only things that actually affect your score are dealings where you request financial aid or advancement of some kind either directly or indirectly. These are the things that will contribute towards lowering your score, not requesting your own credit report. In fact, it is actually highly recommended that you keep a close watch on your own financial standing by requesting one at least three times a year in order to ensure there is no mistaken information included on it and to assess how your financial status looks to others..." added A. Lillo.

Further information about how to get a detailed credit report including scores and as often as you want by visiting; http://www.GetMyCreditReport.biz

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