Myth: Checking your credit score will harm you!

Posted on January 2, 2015 in Uncategorized - 0 comments - 0

A bit of advice I give in the Sony Breach survival (zombie!!) guide; on this site, and in the new book for Everyone is to Check and know your credit score. This is not just for the number, which is nice to track and manage, but to know what accounts are associated with your name and where inquiries occurred.

You will not be harmed if YOU check your score and pull a credit report, but if you constantly have retailers/businesses pull your credit you will be harmed in the end.  A nice article in December highlighted described it in this manner:

Myth No. 4: You’re penalized when you check your credit score. This mistake is easy to make because many people don’t understand the difference between a hard inquiry about your credit report and a soft inquiry.

When you check your credit score and credit report with one of the three major credit bureaus, that’s a soft inquiry and doesn’t affect your score. However, whenever an outside party checks your credit score — typically when you apply for a new line of credit — that’s a hard inquiry. In this case, you do receive a small nick to your credit score because you have the temporary appearance of not being able to meet your financial obligations.

Visit Huffington Post here to see the full article and all the myths about credit scores and best practices for having a high credit score.

Stay vigilant,

James

@hntbh

About The Author

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jjd

James has been in technology and information security since 1996, and has worked at both the hardcore technical areas (installing the wires and boxes), and has spent the last decade building and leading global information security professionals. James is a published inventor (encryption privacy related patent), a regular speaker, a leader in the information security field, and a passionate father.

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