#1: Checking your credit reports will lower your credit score Heck, no! Checking your credit reports on a regular basis is one of the best ways to monitor your credit and lessen the damage of identity theft. When you check your own credit report, it won't affect your score. However, an inquiry will appear when a lender or creditor looks at your reports because you're applying for a loan. Keep those applications to a minimum and you'll be in good shape.