Some employers, landlords, or insurers may want to check your credit, too.Ĭredit checks are done in a two-step process. A lender will check it when you apply for financing, such as a credit card, auto loan, or mortgage. For example, you may check it when developing a plan to boost your credit score (a three-digit number that provides a quick snapshot of your financial habits). There are two types, soft and hard, and only one has implications for your credit standing.Ĭredit checks happen when you or someone else wants to gauge your creditworthiness, which is done for a variety of reasons. When you or someone else accesses one or more of your credit reports, it’s called a credit check – also known as a credit pull or credit inquiry.
While a credit report can’t capture every detail of your financial history, it provides a reasonable summary of your fiscal responsibility and money management skills over time. Credit reports include personal information, reported credit accounts, credit checks, and your public records. Your credit report is a detailed summary of your credit history. Understanding if and how a credit check may impact your credit score can help you make better decisions to maintain your financial health.
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