Do you know the difference between hard and soft credit inquiries? Soft credit inquiries are when a creditor is checking your credit, but does not affect your FICO score. Hard credit inquiries are when a creditor checks your credit to determine if they will offer you a loan or other type of financing. This inquiry can have an effect on your FICO score, which could make it harder to get loans in the future.
An individual’s credit score can be affected by a variety of factors, including how much they owe and to whom. A hard inquiry is an inquiry that requires the person to provide their consent before it can be processed. This means you know when someone ran your credit report or pulled your credit score because you gave them permission to do so. Soft inquiries are usually done for marketing purposes and don’t require your consent beforehand. They’re typically done through automated systems like pre-screened offers, which provide valuable information about what types of products might interest you based on the data in your credit file, but will not affect the status of your current accounts or change the content on any reports accessed from those companies.
Hard Credit Inquiries
Do you have a lot of hard credit inquiries on your report? If so, it may be time to find out why these are there and what they mean for your credit score. I’ll tell you everything you need to know about hard inquires.
The easiest way is to go online and look at the three major reporting agencies (CRAs) TransUnion, Equifax, and Experian. You can also call them if that’s easier for you. The CRAs keep track of all your financial activity in their databases – including any hard inquiries where someone has pulled your credit file from one of those sources. It’s important to note that not all banks will pull a complete copy of your report when granting an account or loan application;
Soft Credit Inquiries
Soft credit inquiries are a type of inquiry where the only information obtained is someone’s name and address. This type of inquiry does not show up on your credit report and does not affect your score in any way. These inquiries are usually used by companies to verify an individual’s identity or to screen them for fraud, such as when you apply for a job online.
The company will typically ask you some questions about yourself, like what high school did you attend or how many siblings do you have, before letting you know whether they can proceed with the application process.
CreditRepairEase is a credit repair company that specializes in helping people with their credit. We have helped many people to improve their credit rating and get out of debt. We are committed to providing excellent service through their knowledgeable staff who have years of experience in helping people just like you get back on their feet.
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Helpful Information and Resources
In addition to those available on this site, there are other related consumer information resources to help you become educated and make more informed decisions regarding the management of your personal finances:
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