A credit score is a number that is based on a person’s credit history. It helps lenders determine the likelihood of a borrower repaying their debts.
Experian is a credit reporting agency that provides credit reports and scores to individuals and businesses.
Many people wonder if checking their credit score on Experian lowers it. In this article, we will explore this topic in detail.
How Does Checking Your Credit Score on Experian Work?
When you check your credit score on Experian, it is considered a soft inquiry. Soft inquiries do not affect your credit score.
They are only visible to you and do not appear on credit reports that lenders see when evaluating credit applications.
Checking your credit score on Experian is a free and easy way to monitor your credit health and identify any potential errors or fraud.
What is a Hard Inquiry?
A hard inquiry occurs when a lender checks your credit in response to a credit application. Hard inquiries can lower your credit score by a few points, but the effect is usually temporary. They stay on your credit report for two years and can be seen by other lenders.
Too many hard inquiries can indicate to lenders that you are applying for credit frequently and may not be able to handle additional debt.
Does Checking Your Credit Score on Experian Affect Your Credit Score?
No, checking your credit score on Experian does not affect your credit score. As previously mentioned, it is considered a soft inquiry and does not impact your creditworthiness.
In fact, checking your credit score regularly can help you identify any issues or errors on your credit report and take steps to correct them. This can ultimately improve your credit score.
How Can You Improve Your Credit Score?
Improving your credit score takes time and effort, but it is possible. Here are some steps you can take to boost your credit score:
1. Pay Your Bills on Time
Paying your bills on time is the most important factor in determining your credit score. Late payments can have a significant negative impact on your credit score. Set up automatic payments or reminders to ensure that you never miss a payment.
2. Keep Your Credit Utilization Low
Credit utilization is the amount of credit you use compared to your available credit. Low credit utilization (below 30%) can help improve your credit score.
3. Monitor Your Credit Report
Monitoring your credit report regularly can help you identify any errors or fraudulent activity. You can dispute any errors or inaccuracies on your credit report with the credit reporting agencies.
4. Avoid Opening Too Many New Accounts
Opening too many new credit accounts in a short period of time can have a negative impact on your credit score. It can indicate to lenders that you are taking on too much debt.
Conclusion
Checking your credit score on Experian does not lower your credit score. It is a soft inquiry and does not impact your creditworthiness.
However, hard inquiries from lenders can lower your credit score temporarily. It is important to monitor your credit report regularly and take steps to improve your credit score over time.
By paying your bills on time, keeping your credit utilization low, monitoring your credit report, and avoiding opening too many new accounts, you can improve your credit score and increase your chances of getting approved for credit in the future.