Will Credit Monitoring Hurt Your Credit Score,

The short answer is no. Credit monitoring does not hurt your credit score. “If consumers access their own credit reports, it does not have any effect on their credit scores. Reviewing a credit report results in what is called a “soft pull,” or “soft inquiry,” meaning it will only be seen on a personal credit report.

When a consumer applies for credit, the lender will review the applicant’s credit report, and a “hard inquiry” will be added. Hard inquiries are shown to other lenders because they may represent new debt that doesn’t yet show on a credit report as an account. Hard inquiries can affect credit scores. Everyone should check their reports at least annually.

All three of the major credit reporting bureaus—Equifax, Experian, and TransUnion—are required by law to provide consumers one free copy of their credit report every year. You can view your report online or they will mail you a copy. If you view your report online, it’s a good idea to print a copy of the report for reference. Additionally, for a relatively modest fee, you can access your credit report every month and get notified any time there’s a change to your credit score. This is how I monitor my personal credit score.

Regularly monitoring your personal credit is a great way to identify errors early. The credit bureaus are interested in keeping their information as accurate as possible, so they are willing to correct mistakes. You might have to jump through some hoops to verify there is a mistake, but they are anxious to correct any verifiable errors on your report. As a small business owner, your personal credit score is every bit as important as your business score. Keeping on top of your personal score will make it easier to get a small business loan and even help you qualify for the best rate.

The bigger your score is, the higher quality chance you've of asking for the finance you apply for. There, you can obtain your credit track record from all three credit rating agencies - Experian, Equifax and TransUnion - once every calendar year. For daily monitoring of the credit history from all of the three credit rating agencies, use FastOnlineCreditScores Monitoring. A reverse phone lookup makes your own personal credit file available online 24-7. You've got comfort from realizing that your credit records are now being monitored daily. If any irregular account activity is detected, we'll email you promptly.

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