![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Monday, February 28, 2011 1:55:48 PM
All about inquiries
We all have them. Most of us aren't sure where they came from or how long they are staying. No, we're not talking about in-laws! We're talking about inquiries on our credit reports. Inquiries are one of the most confusing and least understood aspects of the credit reporting system. Here's the skinny on inquiries and how you can manage them:
What are inquiries
An inquiry is a record of someone checking your credit information. Inquiries come in two distinct categories: "hard inquiries" that occur when a business views your credit report for the purpose of an application and "soft inquiries" that occur when your credit is checked for other reasons. If you apply for a new credit card, a hard inquiry record will appear on your credit report and may impact your credit. When you check your own credit report, or when it is checked for a pre-approved marketing purpose, it is considered a soft inquiry and will not harm your credit score.
Will checking my own credit harm my score?
Checking your own credit data online through a service like TrueCredit will not harm your credit score. You can check your credit regularly or can sign up for a monitoring program to automatically review your data without worrying about causing any damage to your credit score.
Why are inquiries recorded?
Inquiries are recorded so that potential creditors and lenders can view how often you have applied for new credit. Potential creditors may think you are trying to spend beyond your means if there are too many inquiries on your credit report. You can still shop around for a loan; multiple inquiries for the same purpose in a short amount of time are commonly grouped into one less harmful inquiry session. Inquiries are also helpful for consumers because they can notify you of a potential identity thief applying for accounts in your name.
How long do they last?
Most hard inquiries remain on your credit report for two years from the original placement. All inquiries must stay on your credit report for at least a year. You are allowed to dispute inquiries on your credit report, but it can be difficult to prove that the inquiry is indeed inaccurate. If you are unsure of where an inquiry came from, try contacting the company listed before sending off a letter of dispute.
Who can place an inquiry?
According to the Fair Credit Reporting Act, only people with legitimate business needs can access your credit information. This includes creditors, lenders, insurers and landlords who need to review your credit as a part of an application process. Each inquiry record will only appear on the credit report that was checked for the application. For example, if a lender checks your TransUnion credit history to help determine your rates, this inquiry record will only appear on your TransUnion credit report.
How can I limit who makes inquiries?
You may request that consumer reporting agencies do not distribute your name on lists used by creditors and insurers to make unsolicited offers of credit and insurance. Requests can be made by telephone or in writing by filling out a form available from each credit reporting agency.
Phone - Call (888) 5-OPT-OUT to notify all three credit bureaus (Experian, Equifax, and TransUnion) that you wish to opt-out of pre-screen offers. Telephone requests last for two years.
Online - Opt out of pre-approved offers of credit or insurance at www.optoutprescreen.com. The level of opt-out permanence can be chosen on the site.
Mail - Opt out of pre-approved offers of credit or insurance via written request using the following address:
TransUnion Name Removal Option
P.O. Box 505
Woodlyn, PA 19094
Written requests are permanent.
HealthLynked Corp. Announces Second Quarter and First Half 2024 Results: Continued Cost Reductions Set the Stage for Strategic Shift to App-Based Technology Services • HLYK • Aug 16, 2024 8:00 AM
PickleJar Announces Official Name Change and New Ticker Symbol • NREG • Aug 15, 2024 2:23 PM
VAYK's Q2 Profit Added to Accumulated Net Profit of Over $2.2 Million In 18 Months • VAYK • Aug 15, 2024 9:07 AM
Swifty Global Reports Strong Q2 Performance and Prepares for Major Exchange Uplisting • DRCR • Aug 15, 2024 9:04 AM
Mayback's Global Entertainment Signs Global Distribution Agreement with Children's Media Studio • AHRO • Aug 15, 2024 8:45 AM
POET Technologies Reports Second Quarter 2024 Financial Results • POET • Aug 15, 2024 8:04 AM