Will I Lower My Credit Score If I Request a Credit Report?
By Chip Parker, Jacksonville Bankruptcy Attorney on Apr 17, 2007 in Credit Reports, Financial Resources on the Web, Florida, General Bankruptcy Information, Personal Finance
Your credit report doesn’t just disclose your history of paying your debt on time. Another section of you report lists “inquiries,” which shows who has accessed your credit report. One common misconception, shared even by me until recently, is that requesting a copy of your own credit report will lower your overall score. Actually, if done properly, your request will not affect your FICO score.
According to Privacy Rights Clearinghouse, the only credit report inquires that can lower your credit score are applications for new credit. The following are examples of inquiries that do not lower your score:
- Your credit card company monitoring your report to review your account with them.
- Creditors and insurers review your report to see if you qualify for a “pre-approved” offer.
- A prospective employer orders your report.
- You checking your own credit report.
- Additionally, multiple inquiries from auto or mortgage lenders within a short period of time are typically treated as a single inquiry.
However, be wary of companies that offer to send you a credit report. Because they are merchants, their inquiry may lower your score. The safest way to pull your own credit report is outlined in this article by Eugene S. Melchionne.
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