SPOKANE, Wash. – If you’re not in the habit of checking your credit score, financial experts say you could be missing out on savings.
Looking at your credit report can feel intimidating. Barin Saxton with Canopy Credit Union says this fear is more common than you might think.
“A lot of people think that looking at your credit report is really stressful or scary and the fear of the unknown can be a genuine hurdle,” Saxton said.
Understanding the difference between soft and hard credit inquiries can help consumers make informed decisions about their credit monitoring habits.
Hard inquiries happen when you’re actively trying to get credit. A good example is when you apply for a new credit card or a car loan.
“The hard inquiry impacts your credit because you’re actively applying for something,” Saxton explained. These can ding your score a bit.
Soft inquiries are different, they happen when companies check your credit for things like pre-approved offers, or when you check your own credit.
So how can you check your credit without any impact? Saxton has some suggestions: “You can go to Experian, Equifax or TransUnion individually and get soft inquiries of your credit, there’s also AnnualCreditReport.com will give you access to your free credit report it does not give you your credit score.”
Three things to look for when you get your credit report
Look for mistakes: Your bank or credit union usually catches errors, but not always. And here’s why this matters: “Sometimes mistakes are made and the fair credit reporting act gives you the right to be able to dispute those, and make sure those get removed from your credit report, but you can’t dispute them if you don’t know about them,” Saxton said.
Watch out for fraud: This is a big one. Your credit report can be your first clue that someone’s stolen your identity. “Checking your credit score and your credit report are one of the best ways to look to see if you’ve been a victim of identity theft, if you see accounts on there that you did not open,” Saxton said.
Think of it as your financial GPS: Your credit report is like a roadmap for your money goals. “There are other things to look at, like your credit usage, how much you’re using of your credit card limits, your payment history, and your average credit age,” Saxton said.
Regular credit monitoring isn’t just about knowing your number. It’s about spotting problems early and finding opportunities to improve your financial standing. That could set you up for better interest rates and more money in your pocket down the road.
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