Credit Checks and Inquiries

Whenever you apply for credit, whether through a mortgage, a bank loan, vehicle financing or a credit card, the financial institution you are working with will want to do a credit check. This is to help them better assess your financial responsibility and to determine whether or not your credit habits make you a potential risk.  Keep in mind that other companies or institutions may also obtain a credit report, not just those providing you with credit. Opening a new bank account or applying for a job can also result in a credit check.

When a company conducts credit checks and inquiries, they contact a credit reporting agency and request a copy of your credit report.  When this happens, the date, name of creditor and creditor phone number is recorded. What is important to know here is that these requests appear on your credit report, and if too many credit checks are done, this can negatively impact your overall credit score. Typically, if you have more than 4 credit checks reported in a calendar year, it makes you look like a credit seeker – implying that you need credit. It can also indicate that you are having trouble acquiring credit if you have visited more than one institution and numerous credit checks have been done.

There are some important things to remember with regard to credit checks. Don’t buy into those scams that offer you free gifts when you apply for credit – even if you do not plan on using the card, the credit checks will still show up on your credit report. As mentioned, many inquiries will impact your credit rating and can trigger a ‘too many inquiries’ message to appear.
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There are two types of inquiries listed on a credit report: soft and hard. A soft inquiry is when a creditor you do business with already conducts a credit check to pre-qualify you for certain things (higher credit limit for example), or when you request your own credit report.  A hard inquiry is when you consent to a credit investigation, such as when applying for a new credit product (mortgage, car loan, line of credit through the bank).  These companies must obtain consent before conducting credit checks, so always make sure that you understand what you are consenting to.

Knowing where you stand credit wise is very important, as is keeping your credit in check, so make sure that any inquiries are completely necessary.