How Many Times Can You Check Your Credit Score?

A credit score serves as a numerical representation of an individual’s creditworthiness, indicating the likelihood of repaying borrowed funds on time. This three-digit number, often ranging from 300 to 850, is derived from a person’s credit history, encompassing active accounts, total debt levels, and repayment patterns. Many people misunderstand that frequently checking their own credit score will negatively affect it. However, for personal checks, this concern is generally unfounded, allowing individuals to monitor their financial standing without adverse consequences.

Understanding Credit Score Checks

The impact of checking a credit score depends on the type of inquiry made. There are two primary categories: soft inquiries and hard inquiries.

Soft inquiries, sometimes called soft pulls, occur when an individual checks their own credit score or when pre-approved credit offers are generated. These inquiries do not affect your credit score and are often not visible to lenders.

Hard inquiries happen when you apply for new credit, such as a loan, mortgage, or credit card. Lenders initiate these checks to assess your credit risk. While a hard inquiry can temporarily lower your score by a few points, its impact is minor and diminishes over time. Hard inquiries remain on your credit report for up to two years, though their influence on your score lessens after 12 months.

Accessing Your Credit Score

Individuals can access their credit score through various sources. Many credit card issuers and banks provide free access to credit scores as a customer benefit. Additionally, several online platforms and credit counseling agencies offer free credit scores, some even updating them regularly. These personal checks are soft inquiries, enabling frequent monitoring without negative impact.

Numerous free options are readily available, making paid services unnecessary for most individuals. You can review your credit score as often as these platforms permit without concern for affecting your creditworthiness. Regular monitoring allows you to stay informed about your financial health and observe any changes.

Accessing Your Credit Report

Understanding your credit report is equally important, as it contains the detailed history from which your score is derived. AnnualCreditReport.com is the official source for free credit reports from the three major credit bureaus: Equifax, Experian, and TransUnion. The Fair Credit Reporting Act entitles consumers to one free report from each bureau every 12 months.

Recent changes allow individuals to obtain a free credit report from each bureau weekly through AnnualCreditReport.com. Reviewing these reports for accuracy is important, as errors or signs of identity theft can negatively affect your credit standing. Checking your credit report regularly helps ensure the information lenders see is correct and up-to-date. Some credit monitoring services and credit card companies also offer access to credit reports.