Final answer:
The statement is true; checking your own credit does not impact your credit score. Lenders use credit scores to make fair credit decisions, and a bad credit score can improve over time.
Step-by-step explanation:
The statement 'Consumer related inquiries do not impact your credit score' is true. When you check your own credit score, this is considered a soft inquiry and does not affect your credit score. Credit scoring models consider only hard inquiries, which occur when a lender looks at your credit report because you've applied for a loan or credit card, as a factor in calculating your credit score.
Lenders use your credit history to make informed decisions by reviewing your past and present financial behavior. It is a fair way to evaluate your creditworthiness, as your credit score is not influenced by personal factors such as race, gender, or religion. Although having a bad credit score can be detrimental, it's important to remember that your credit history does not remain unchangeable; over time, with consistent good financial practices, your score can improve.