Help and Advice

Does Pulling Your Own CIBIL Report Hurt Your Score?

Check Your CIBIL Report
Written by CreditSmart

Lets Put This Myth To Rest About Your CIBIL Report

We all have been under those circumstances where we believe a myth to be the truth. When we stop doing something because of unawareness regarding it or because of the rumors we hear about a particular thing. One such thing is not pulling our own credit report. Most of us are under misconception that generating a report would hurt our score. Many of us have stopped doing this. But what if I say vice versa is true?

Well, we do a constant health check regularly. Don’t we? Why do we undergo the check? Just to satisfy ourselves about our conditions and take suitable treatments at the appropriate times before it’s too late. The same holds good for CIBIL report too. If you search through, you can find loads and loads of queries where people ‘believe’ pulling their own report would harm their score. One such instance is of Miss Kadambari. She is a hard working employee in a reputed company. She uses her credit card very wisely. She always pays her outstanding dues within the time frame and maintains a very good history. But she never checks her credit history. When asked, she neglect answers, “If I generate my CIBIL report it would hurt my credit score. I don’t want that to happen”

We can find many such Kadambari’s all around. But now let me tell her continued part. After 4 years, she finds her credit score not matching with her financial history. After her friend forces, she finally gets her credit report and finds that there was a mistake in the recording of transactions. What now? She immediately rushes to that financial institution and reports her findings. But the manager carelessly says, “Madam, it’s been 3.5 years since that transaction and since then managers have changed twice. I can’t do anything about it now” Thus, a single misconception regarding CIBIL report made much damage to Miss Kadambari.

Let me tell you, why pulling your CIBIL report won’t affect your score: Often financial institutions make enquiry regarding your CIBIL score before lending. Those are termed as hard enquiries. But pulling your own report is just considered as a health checkup and is treated as soft enquiries. They in no way can harm your credit score. In fact not doing so would have an impact.

Here’s why you have to get your credit report generated:

  • To check the transactions and immediately notice any errors so that it won’t affect your score. Banks often make mistakes, however noticing it is your responsibility.
  • To assess your credit score and take any further steps to improve it.
  • To be sure and satisfied everything is fine.

However the most common myth is now burst. It is now left to you whether you will be next Kadambari or next wise person. Thus, as said earlier this is just a health check up and not a surgery as we all over think. Thus get your credit report generated at least in a year. Never let your misconceptions over rule you. However it may hurt your pocket as you will have to pay the small amount of processing fee. Happy checking!

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