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.
Read More: https://www.creditrepairease.com/blog/whats-the-difference-between-hard-and-soft-credit-inquiries/
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