An inquiry refers to a request to look at a consumer’s credit file, and it generally falls into one of two types: a hard inquiry or a soft inquiry. Hard inquiries are typically inquiries by lenders after a consumer applies for credit. These inquiries will impact credit scores because most credit scoring models look at how recently and how frequently a consumer has applied for credit. Whereas soft inquiries are reviews of a consumer’s credit file, including reviews of existing accounts by lenders, pre-screened offers of credit from lenders, and consumer requests for an annual credit report. These will not change credit scores.
What is the difference between hard and soft inquiries?
June 16, 2016 -