Could you enlighten us with the explanation of the point system?If you check your score it will not be lowered.
If a lending institute checks your score it will be lowered by a couple of points.
Rather than get my own report again via the free method (which I do every couple of years) I asked a friend in the bank industry to get me a copy of the report that lenders see. It is slightly different than the free version. It was this person that explained the point system to me.
You are allowed to order your credit report from the two main agencies (TRANSUNION and EQUIFAX) twice a year, to review it and ask for corrections. This is regarded as a SOFT lookup with no effect on your score. Asking for any type of loan is a HARD lookup and will affect your score. Shopping for car insurance and calling several insurers will show up as SOFT lookups on your CREDIT report.I was told that checking your credit rating will lower your score. Is this true? Even if I check my own rating?