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Monitoring your credit score doesn’t reduce it. Accessing your credit report doesn’t have any effect on your score. Reviewing your credit score is a soft inquiry. A soft inquiry is made by lenders to check if you are preapproved for a loan or credit card offers, or if a potential employer wants to check your credit report. These inquiries are made with your permission and will not affect your credit score.
But in case of hard inquiries, your lender would want to check your credit report as you would have applied for one of their credit products. If a hard inquiry is made, your credit score drops a couple of points. Checking your credit score at least once a year is a good practice, and helps you identify errors early. If there has been identity theft or any other discrepancies in your report, you can get them rectified at an early stage. When you are in need of emergency credit and if your credit score is low because of errors, you won’t get qualified for the credit you are looking for.