Your credit information report contains information about each time your credit score is examined.
There are two categories of credit score inquiries: soft inquiries and hard inquiries. The classification of a credit inquiry is determined by who is looking at your credit report and why. Hard inquiries can damage your credit score; soft inquiries typically don't.
Soft credit checks, often known as soft inquiries, can happen for a number of reasons, including:
Checking your credit score through a soft inquiry won't harm your credit score since you're not actually applying for credit. This means that it's perfectly fine to check your credit score prior to submitting an application for a mortgage loan, student loan, personal loan or credit card.
When you apply for credit, such as loans and credit cards, the lender or credit card company will verify your credit score and report. This is known as a hard inquiry, and it will lower your CIBIL score temporarily.
If you check your credit score yourself, it is considered a soft inquiry and will not harm your CIBIL score. Therefore, you can check your CIBIL score as often as you like.
In fact, it is a good idea to check your credit score regularly.
Checking your credit score before applying for credit cards or loans helps ensure that your applications are approved quickly and easily.
It is best to check your credit score a few months before applying for credit. This way, you will have enough time to review anything that may be negatively affecting your credit score and take the necessary steps to improve your CIBIL score.
Even if you do not have any credit requirements, it is advisable to check your CIBIL score and credit report at least once a year to maintain good overall credit health.
Check your credit score, also known as soft inquiry will not harm your credit score. However, hard inquiries can temporarily reduce your score.
You can obtain a free credit report from each of the four credit bureaus operating in India, including Experian, Equifax, TransUnion CIBIL, and CRIF High Mark. Additionally, you can also get a free copy of your credit score and credit report online through CRED.
Checking your own credit report is not considered a soft credit inquiry, therefore it will not have any impact on your score. In fact, regularly reviewing your credit report can help you to verify that the information shared with lenders by credit reporting companies is precise and current.
Yes, it is safe most of the time. However, it is important to be cautious when checking your credit score online to avoid compromising your data. Experts recommend checking your credit score only from authorized websites.
A hard credit inquiry may result in a decrease of up to 10 points in your credit score, but in most cases, the impact is likely to be less significant.
The safest way to check your credit score is to log on to the official CIBIL website and check it there. You can also use moneyview’s credit checker to find out your CIBIL score.
Every 12 months, each of the three main credit bureaus must provide you with a free credit report. Although some may charge a fee, other consumer reporting agencies also monitor your credit.
Thank you. Your feedback is important to us.