Monitoring your credit reports won’t harm scores

Since the start of the recent recession, many consumers have become increasingly worried about their personal finances and their credit score.

However, while consumers are generally more engaged in financial news, many Americans have fallen victim to credit myths.

One such myth is that consumers who check their credit reports end up causing themselves credit damage, MSN Money reports. Although a credit score can suffer if a major financial institution makes frequent inquiries into a consumer's creditworthiness, that's not the case when a person checks his or her own report. In fact, reviewing this document is an important part of keeping personal finances in good condition.

For example, once a consumer orders a copy of his or her free credit report, going through this document can help to spot inaccurate information, the news source says. After identifying questionable items, consumers may benefit from contacting a credit repair company to help with the dispute process.

By removing blemishes from these documents, consumers can ensure that lenders are seeing only correct and up-to-date financial information. This in turn could increase their chances of being approved for a new credit card and help them save money on new cash back and zero percent introductory offers.