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Will Inquiries Lower Your Credit Score?
What are inquiries?
When you apply for credit the creditor or lender checks your
credit report to verify that you qualify for the credit or loan
you are applying for. The "inquiry" is then reported to the
credit bureaus and shows up on your credit report.
Does this affect your credit rating or score?
Yes, it does. Although only a few points are deducted from
your score for each inquiry, having multiple inquiries may drop
your score to a lower bracket, forcing a higher interest rate.
You may not even qualify for the loan or line of credit at
all.
Will requesting your credit report generate an
inquiry?
This is a common misconception and is totally false. You
should view your report at least once a month. Doing so will not
generate any inquiries.
What if you did not authorize an inquiry, can you dispute
it?
Yes. If you did not authorize any of the inquiries on your
credit report you can and should dispute them. To dispute
inquiries obtain your credit report, then make a copy of your
credit report, highlighting the inquiries in dispute. Finally,
send the copy of your highlighted inquiries along with a letter
demanding the inquiries be deleted from your credit report to the
credit bureau.
Is it worth it?
The next time you are out shopping and the salesperson asks
you, "Would you like to apply for our credit line and receive 15%
off your purchase?" Ask yourself, "Is it worth it?"
Scott Brown is a fair credit reporting advocate and the author
of his own website Credit Repair, a
free information site dedicated to help consumers repair bad
credit and optimize their credit reports and credit scores.
MORE RESOURCES:
Credit - Google News
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