How did the myth of checking your credit score online to lower your credit score start?

In India, individuals are not very well aware of their credit scores and credit report. They tend to believe more in myths than understand the reality behind them. There is a very popular myth regarding credit scores check in the loan industry. People very wrongly believe that checking your credit score online will actually lower it. However, no one really knows where this myth started, but eventually, it has become very popular. The reality is that a credit score check online will not damage your credit score at all. Rather, it improves your credit score and helps you monitor it.

Why does credit score checking online not damage your credit score?

When you check your credit score online, it is known as a "soft check’. Soft credit score checks online do not damage or impact your credit score anyway. It is often confused with hard inquiries. Hard inquiries are not soft checks. Hard inquiries are run by loan providers or credit bureaus over the credit profile of an individual while offering a particular line of credit. Hard inquiries damage your credit score because your credit history is verified. However, when you simply check your credit score online, you do not run any background checks.

The benefits of checking your credit score online

The credit score check option is completely free of charge. There are various non-banking companies and digital platforms that offer an instant weak credit score check option. You can get your credit score and credit report completely free of charge without paying anything. Read Here : How is business loan calculated?.

When you check your credit score, you are able to detect various errors and mistakes present in your credit report. If you are working on your credit report but still get a low credit score, it is because of the errors present in the report. Unless you check your credit score, you will not be able to understand and detect the errors. No matter how much you want to improve your score, these errors will damage your credit score further. Must Read : Does the credit score get affected when we check our credit report online?

Checking your credit score will help you improve your score from time to time. It helps you track your score improvement and check all the improvements that are taking place. It is important to check your credit score before you apply for any line of credit. It helps you to understand your credit eligibility so that you know whether you are eligible to borrow money or not.

Wrapping up

Check your credit score on the Clix Capital website to get the best loan available in the market. Check your credit score online with the help of digital platforms and get your score instantly.