If you have seen your credit report, you will notice that the report has a specific section for inquiries. You may ask yourself, “What are they and how do they affect me?” Here at Trinity Enterprises, we want to educate you, the consumer, so that you know all the details that revolve around your credit. Especially the small ones.
In short, inquiries appear when someone requests your credit report. You may notice that they pop up shortly after applying for a credit card, a loan, etc. When you apply for credit, the business you are applying with has permission under the Fair Credit Reporting Act to see your credit report (which includes your credit history and score).
These kind of inquiries are classified as “hard” inquiries because they appear on your credit and also take less than 5 points off of your credit score. Although this may seem insignificant; if you have many inquiries appearing at the same time, it can drastically decrease your credit score. The good news is that inquiries are removed after 2 years!
Just like there are “hard” inquiries, there are also “soft” inquiries. If you currently use a credit monitoring site to see your report or get a pre-approved offer from a business, credit card or mexico motorcycle insurance you may notice that it doesn’t cause an inquiry on your report. These are “soft” inquiries and these kind of inquiries do not affect your credit score at all. They do not damage your report because it is only you who is seeing it.
The best thing you can do is apply for credit responsibly and watch your credit report regularly for inaccuracies. Trinity Enterprises LLC has been very successful in removing inquiries off of credit reports. Especially if there are many of them pulling your score down. If you need assistance in this area and would like to recover those points back, give us a call today! We would be more than happy to help you delete them off of your credit permanently. For financial advice online check out OakParkFinancial.com