The Fair Credit Reporting Act governs nationwide credit reporting agencies and consumers' rights to check their credit scores. Ordering a credit report generally does not have an impact on a consumer's credit score, with some exceptions.
- Nationwide credit reporting agencies like Equifax and Experian have to provide consumers with a free copy of their credit report at least once every 12 months, according to the Fair Credit Reporting Act. These annual credit report orders do not affect a consumer's credit score.
- Consumers who order multiple copies of a credit report in a year might experience minor deductions on their credit score. According to myFICO, one additional inquiry a year can reduce a credit score by five points.
- Ordering your credit report annually can be an effective way to check for any errors on your report. Multiple inquiries in a year, however, can appear suspicious and have a slight effect on your credit score. Stick to the federally regulated one credit report a year to keep your credit score in check.
