By Herb Weisbaum, The Consumerman
Good credit is important. Bad credit can make it difficult – or more expensive – to get a loan or credit card, rent an apartment, or get cell phone service.
Surveys show few people truly understand how the system works: What makes their credit scores go up, and what causes them to plunge.
Does checking your credit score make it drop? Nearly 2 out of 5 people surveyed by NerdWallet think it does.
It does not. Checking your own credit scores does not hurt your score. In fact, keeping track of your credit scores is a good habit. It can help you better understand your finances and help detect inaccurate information in your credit file.
Keeping track of your scores is also a quick way to spot financial fraud. If it drops suddenly for no obvious reason, you could be the victim of identity theft.More Info:To Your Credit: Understanding How Credit Scores Work
