New Delhi, Oct. 6 -- Your credit report is like your financial report card. Checking it regularly is a critical part of managing your finances. Still, some people hesitate to access their own credit reports due to misconceptions, believing that doing so can lower their credit score and even harm their overall credit report. This is a common misconception that should be addressed appropriately to spread meaningful credit management information.

The core difference between a 'soft enquiry', which generally does not impact an individual's credit score, and a 'hard enquiry', which can have a meaningful impact when a lending institution checks an individual's credit history as part of a loan or credit application, should be clearly acknowledg...