When people say they're going to check their credit, it generally means they're going to pull a copy of their credit report. The myth about checking your own credit will lower your credit score is false. Looking at your own credit report has no affect on your credit score whatsoever. The credit bureaus consider that a "self-disclosure" or a "self-inquiry" and it does not help or hurt your score. It is obvious that checking your credit report is not an official inquiry so it is not treated as one. An official inquiry is when a financial institution checks your credit report to see whether you qualify for any type of loans (such as mortgage loans, auto loans, student loans, etc.) depending on your credit history.
You do not need to be concerned about self-inquiries, since it has no affect on your credit score. Inquiries from existing creditors, potential employers, and businesses who are considering soliciting your business (also known as "promotional" inquiries)also have no affect on your credit score. Your existing creditors will most likely pull your score a couple of times a year, as part of an "account review." None of these inquiries will hurt you.
The only sort of inquiries that will lower your credit ratings are multiple inquiries made by new credit grantors whom you have explicitly authorized to check your credit. If you apply for a lot of credit cards in a row, for example, this may indicate to the credit bureaus that you are a distressed borrower who is contacting many lenders in hopes of an approval. Statistical studies reveal that this type of behavior is associated with a high risk of default. Therefore, multiple credit applications may trigger a reduction in your credit score, if you are not careful.
There are some circumstances in which even this rule does not apply. For instance, if you authorize a number of auto loan applications, or mortgage applications, within a 30 day period, this will usually not hurt your credit because the banks assume that you are merely shopping around for a good deal. But be sure you understand what rules applies in your area and choose carefully when shopping for the best mortgage rates and best auto loan rates.
Also, be careful about getting your credit report through non reputable companies since this may also count as an outside inquiry if you are not requesting your report from the bureaus directly. You are entitled to one free credit report annually from each of the major credit bureaus.
