MYTH: Checking your own credit report will hurt your score.
FACT: Personal inquiries, also known as “soft inquiries”, are not included in your credit report and therefore are not part of your credit score calculation. So when you check your own report, you will not be lowering your score.
MYTH: Your score is the only thing that matters to a creditor.
FACT: Credit grantors may consider a number of other factors, such as your income, assets, length at current residency, and employment history, in addition to your credit score, when determining whether to extend credit. The criteria may also differ from creditor to creditor.
MYTH: Scores are only used by lenders and creditors.
FACT: Your credit report and score may even be reviewed by potential landlords and employers to determine how you’ve handled your financial obligations. But remember, they cannot review this information without your permission.
MYTH: My credit score never changes.
FACT: Your credit score is a dynamic number generated based on the contents of your credit report the moment it is requested. And since your credit report changes constantly, so will your credit score.