How often should you check your credit report?

You should check your credit report at least once every year and before major transactions. You can request a free copy of your credit report from all three credit reporting bureaus (Experian, Equifax, and TransUnion) on an annual basis. And it's a good idea to check your credit report before transactions that might require a hard pull on your credit, such financing for a house or a car, because you'll be able to dispute any items that appear incorrect and make sure your credit score is in the best possible shape before applying. It’s important to note that checking your credit report has absolutely no negative influence on your credit score in any way, since it is a soft inquiry.

In addition, we recommend regularly checking your full TransUnion credit report for free on WalletHub - the first and only website to offer free credit scores and full credit reports that are updated on a daily basis. You will also get timely alerts related to any significant changes on your report (such as new inquiries, new accounts, etc.) with our 24/7 credit monitoring service.

Actually, there are two types of credit inquiries and what you asked could be true for one of them. The first type includes inquiries made by lenders or credit providers after you apply for a loan. These inquiries affect your credit as it shows that you're seeking debt.

On the contrary, soft credit inquiries, that you make to know your credit score or the ones made for employment purposes, do not hurt your credit score.

Myth:  This misconception is populated by the fact that you can receive one free credit report every year.

Here is a resource from the Experian. 

Visit AnnualCreditReport.com and get one free report from either Experian, Equifax, or TransUnion once every four months.

You can. Heck, you can check it twice a day! That being said, there are two things to consider. One is the fact that the federal website only gives you a free report once a year. You can still check your report and score here for free, and they do update it every day.

The second part is: why? If you're not actively using your cards, or looking to fix your credit, or looking to apply for something, you might not see anything new from day to day. It's great to check in cases of fraud though!