If your credit score is not excellent, then you may be trying to repair it and boost this number. The exact factors and weights used to rate your specific score will depend on the reporting agency that is determining the score, and some of these factors are kept top secret. Inquiries on your credit report are one factor that can interfere with the repair process, and in some cases can affect your score.
Some businesses may make an inquiry on your credit score to offer you pre-approval on a product, without you applying, and these inquiries will also usually not hurt your credit score or the credit repair process. You may want to opt out of these offers though, to limit the access to your credit report.
Not All Inquiries Are Seen By Potential Creditors
Any time someone inquires about your credit report or score, regardless of why the inquiry was made, that information is available to you in a section of your credit report listed “Inquiries”. Not all of these inquiries can be seen by others though, this will depend on the type of inquiry being made. Potential employers, landlords, insurance companies, and others may inquire about your score, not just potential creditors.
When you apply for credit and your credit report and score are reviewed, many of the inquiries that you see are live skor not seen by the creditor. Only those inquiries related to new credit are listed in the inquiry section for others to see.
Employers May Inquire About Your Credit Reports And Score
In some states it is perfectly legal for any prospective employer to check your credit reports and score, before offering you a position with their company. These inquiries are listed and visible to you, but they would not be visible to any potential credit offerer. Generally employment inquiries have no effect on credit repair, and they do not hurt or help your score in any way.
Landlords And Credit Report Inquiries
Inquiries about your score and reports can also be made by potential landlords if you are applying to rent a home or apartment. In most states this is a common practice, and potential renters are asked to undergo a credit check to ensure that the potential tenant can be trusted to keep to the rental agreement. Inquiries from landlords will not affect your credit score, and these are invisible to potential credit offerers.
Insurance Company Inquiries On Your Credit Report
Insurance companies may also inquire about your credit score, and if you do not have an excellent rating you could end up paying more for this coverage in many areas. Inquiries of this type will not harm your credit score, but they could affect your premium payments. If your credit score is less than ideal then you may want to take some credit repair steps to improve this number.
Some Inquiries Can Hurt The Repair Process
Some credit report inquiries will not harm your score, like those mentioned above, but others will drag this number down. One of the inquiries which can have a big effect on your credit score is inquiries when you apply for new credit. Whether this new account is for a credit card, home loan, vehicle loan, or other type of credit, it will show on your credit report. If you have numerous inquiries of this type and they extend over a specific time period, your credit score will drop.