Can My Bank Perform a Credit Check on Me?
Learn if your bank can do a credit check and how it may impact your credit score. Find out more in this short Q&A!
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Yes, your bank can perform a credit check if you apply for a loan, credit card, or sometimes even a new account. This helps them assess your creditworthiness. Be aware that certain inquiries may affect your credit score, so always ask if the check will be a soft or hard inquiry.
FAQs & Answers
- What is a credit check? A credit check evaluates your credit history and score to determine your creditworthiness for loans or credit products.
- What types of inquiries affect my credit score? Hard inquiries typically affect your score, while soft inquiries do not impact your score at all.
- Can I request to see my credit report? Yes, you can request a copy of your credit report from credit bureaus for free once a year.
- How often can banks check my credit? Banks can check your credit any time you apply for credit, although frequent hard inquiries can be viewed negatively.