Bursting the Credit Score myths: Checking can hurt your score
Here is another credit score myth that's overripe for a bust.
Contrary to popular belief, you can not hurt your credit score when you ask to seek a copy of it...as long as you do it yourself and don't ask a friend at a financial institution to do it for you. When a bank or other financial institution requests a credit report, it is usually tracked as a "hard" inquiry, which prompts the credit reporting agency to presume you've made an application for a new credit card or another kind of loan. That's when it hurts your credit score.
When you request a copy yourself, it's considered a "soft" inquiry and does not impact your score at all. Many websites and TV ads advertise free credit reports, but they are not really free. What you're really signing up for is a subscription to a credit reporting service that you'll end up paying monthly, quarterly or yearly.
If you really want a free copy of your credit report, you are entitled to one free copy a year from each of the three top credit reporting agencies. Request it through this site.
You definitely should check your credit report from each of the credit reporting agencies yearly to be sure no one is using your good credit name, and to be sure all your credit accounts are being reported accurately.
Lita Epstein has written more than 20 books including the Complete Idiot's Guide to Improving Your Credit Score.
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Reader Comments (Page 1 of 1)
12-06-2007 @ 12:07PM
Betty said...
Lita
I tried to get credit reports at that site.
NONE of them worked!!!
One said the report was free, but they wanted credit card number.
Another......wanted me to give account numbers for loans I don't have.
The other just didn't work.
'What next??
Thanks
Reply
12-06-2007 @ 6:45PM
Lita Epstein said...
Betty,
Did you enter your state and then get the standard form? I've used the website many times to request my report and never had the problem. I can't test it today because I've already used it for this year. There could be a problem with cookies in your browser. You may try clearing out your browser before trying again.
If you can't get the website to work for you can call the each of the credit reporting agencies and request one by telephone. Be sure you tell them you are requesting the annual free copy you are entitled based on federal law.
Lita
12-06-2007 @ 6:37PM
jimmyscab said...
I received a free credit through a bank. The reporting agency was Experian. It was so full of errors that I will never pull one again. After about a month a rep from the bank called and asked if I thought the report was accurate. When I responded "no", he asked what agency and I told him Experian, and he replied "I'm not surprised"
Reply
12-06-2007 @ 6:45PM
Lita Epstein said...
While I can understand your frustration, it would be best for your financial records and credit score if you take the time to correct the errors. If you get a free copy directly from the credit reporting agencies they include instructions with how to make corrections.
Lita
Reply
12-07-2007 @ 3:02AM
Ryan said...
Wow, I just looked at mine and it has been about a year and a half I guess since I last checked it out. There is a TON of stuff on there that is definitely not right. I'm not sure if it is a mixup or identity theft, but at least whoever is using my name for credit is paying their bills and on time. Thanks for reminding me to stay on top of my credit reports, and hopefully I can get all this sorted out!
Reply
12-07-2007 @ 11:15AM
jon novack said...
I have been in the process of correcting inaccurate credit informantion now for several years and its a very tough road. Most of the time the three agencies will put a note on the derogatory or erronneous information but will not delete it without an act of Congress i.e. How do you prove that something is not yours that was never yours to begin with// and// this all has to be accomplished thru snail mail as there is no one to talk to or e-mail replys allowed. My question is if you can actually request a fico score from the agencies without effecting your credit? The fico score portion of the report is left blank and ask for some kind of subsciption to receive \.. any advise??? jon
Reply
12-07-2007 @ 11:35AM
Lita Epstein said...
Unfornately, when there is a dispute the credit reporting agencies do tend to side with the creditor rather than the consumer. I'm assuming you've already sent proof that the item in question is not your debt. Or if the derogatory remark relates to late payments, you've sent written proof that the payments were not late. Credit bureaus take the position that you're guilty until you prove yourself innocent, so to clear up a record you do need to send written proof that the creditor will not be able to deny. As long as you are in the right, keep on them.
If you've tried to correct the situation and it's not getting done, you're next best step is to file a complaint with the FTC - https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01. That link should give you the complaint form. If it doesn't work for some reason, go to www. ftc.gov and click on the link for consumer compliant on the right side of the page.
Lita
Lita
Reply