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What is a Hard Inquiry

Most people arenu2019t keen on checking their credit reports. Knowing what information you find in your credit report is vital in taking charge of your financial records and cultivating intelligent credit behavior moving forward. For more info, please click the link:https://thephenixgroup.com/what-is-a-hard-inquiry

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What is a Hard Inquiry

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  1. What is a Hard Inquiry? Not all inquiries are made equal. Do you know the difference? 

  2. A credit inquiry, often referred to as a credit check, is a process where a company or person requests for your credit information from any of the top three credit bureaus: TransUnion, Experian, and Equifax. 

  3. What is a Hard Inquiry? Hard inquiries, also known as a “hard pull”, are typically associated with having a lender/creditor pull your credit report because you want some type of credit with them.

  4. Hard inquiries aren’t limited to loan applications though. Some other examples of hard inquiries include: • Apartment rental applications • New utility applications • Credit card applications • Collection agency skip tracing • Application for credit limit increase • Loan applications for students, automobile, personal, mortgage, etc. • Request for lines of credit

  5. Are there other types of inquiries?

  6. As with anything dealing with credit, Hard inquiries aren’t the only type. The good news is the other type do not affect your credit score. This Photo by Unknown Author is licensed under CC BY-SA

  7. Soft inquiries differ from hard inquiries, as soft inquiries aren’t recorded in your credit report for others to see and do not impact your credit score. Account review inquiries (current creditor you have a business relationship with checking your credit to see if they want to up your limit or possibly even reduce your limit) fall under this category. Sometimes inquiries get miscategorized, so make sure you are monitoring your credit report for these type of mistakes.

  8. How many points does a hard inquiry affect credit score? Quick and easy answer is, generally less than 5 points; but with anything credit related, it always varies depending on several other factors.

  9. Fraudulent inquiries do happen. Be sure to monitor your credit report for any suspicious activity. If you ever need any guidance, you can always contact one of our credit analyst for some free advice.  Want to read this entire article? Click here!

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