We get this question quite a bit:

Does checking your own credit hurt your scores?

NO

When you check your own credit reports, whether your annual, no-cost ones, or your FICO reports with your actual FICO scores, or some reports you get with a monitoring service you're enrolled in, FICO says it NEVER counts against the consumer to obtain their own credit reports.  It is a SOFT Inquiry.

Other SOFT Inquiries occur when a company you already have an account with does periodic monitoring of your credit reports, or when a company wants to send you a "pre-approved" offer, or when a prospective employer checks your credit as part of the job application process.  Soft inquiries do not count against your score.

The reason checking your own credit does not count against you is because you are NOT applying for a loan.  Whenever you sign a loan application, or approve one by giving your name, date of birth and social security number, it is considered a HARD Inquiry and will count against your scores.  These hard inquiries stay on your reports for two years and are included in the score for that time.  They can count from 1-12 points each.

NOTE: Try to limit your credit inquiries to less than (6) annually.  According to the FICO company, lots of inquiries means greater risk: people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their report.

BOTTOM LINE

Don't let the worry of hurting your score stop you from monitoring your own credit reports.  It is an important part of having good credit.  

You can contact us for your Credit Check-Up to find out how to optimize the accounts you have for better credit scores.