Shopping around for the best deal for private college loans might actually be a bad thing for your credit score.

A "New York Times" report says parents and students who comparison shop for a private student loan could damage their credit score. Its a different matter however, for borrowers who comparison shop for mortgage and auto loans within a short period of time.

The time reports Fair Isaac, the company that helps calculate credit scores, does not extend the same break to private student loan applicants. Fair Isaac says there's little to no damage to credit scores, but some lenders disagree saying even a small decline can lead to a more costly interest rate.