Can requesting an AnnualCreditReport lower my score?
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swhong85 wants to know:
I know that when credit agencies (equifax, experian, transunion) recieve frequent or multiple requests from 3rd parties for your credit report, they will lower your score based on suspicion. Does requesting the free annual credit report affect this? Will they count this along with the other requests?
I know that when credit agencies (equifax, experian, transunion) recieve frequent or multiple requests from 3rd parties for your credit report, they will lower your score based on suspicion. Does requesting the free annual credit report affect this? Will they count this along with the other requests?
I tried emailing the FTC and the credit companies, but theres no way to reach them for general inquiries w/out being a customer.
Filed under: Credit Reports
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No….
When you fill out a credit application, that generates a hard inquiry. Multiple hard inquires in a short period will lower your score. However, checking your own credit report is a soft inquiry and does not affect your score at all.
The site to get your credit report is AnnualCreditReport.com. It is the only site that does not require you to sign up for monitoring service. The reports are free (one from each credit bureau) but the scores are not.
In the old days, any credit inquiry would drop your score by a few points. They were worried that you were getting ready to run up your credit. Fair Isaac Company (FICO) changed the rules in 2008. They learned that someone who was car shopping would get their credit pulled at 5 dealers on the same day. Even tho you were not going to buy 5 cars.
So an “inquiry” no longer hurts your score..