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ICFE
ICFE eNEWS #18-17 - August 2018

"Inquiries" on my Credit Report - What Are They?

By Jim Garnett, a/k/a Ask Mr.G, a member of the ICFE's Board of Educational Advisors

What Are "Inquiries" On My Credit Report?
Q: Can you explain what an "inquiry" is on a credit report?
A: An "inquiry" is the listing of the name of those who have accessed your credit file information. They have done so to "inquire" about your credit history.

Four Sources Of Inquiries
1. One source for an inquiry could be a credit grantor that you have given permission to check your credit file in order to receive a loan or a credit card.
2. A second source could be credit grantors who are checking to see if you qualify for pre-approved credit. The information they access is extremely limited. These "promotional inquiries" show up only on the credit file that you, yourself access. Other lenders do not see promotional inquiries.
3. A third source for an inquiry can be another authorized user on any of your accounts who wishes to check the history of those accounts.
4. And last of all an inquiry can be generated by you, yourself. Inquiries made by the consumer do not show up on the credit report that others see.

Two General Types of Inquiries
1. Hard Inquiry: A record of a business request to see your credit report data for the purpose of an application for credit. Hard inquiries appear on your credit report each time you complete an application for a credit card, loan, cell phone, etc. Hard inquiries remain on your credit report for 2 years but are only included in your credit score for the first 12 months.
2. Soft Inquiry: A type of inquiry that does not harm your credit score. Soft inquires are recorded when a business accesses your credit data for a purpose other than an application for credit. Soft inquiries include your request to see your own credit report and employment-related requests. This type of inquiry is recorded by the credit bureaus but does not usually appear on a credit report purchased by you or a business


Ask Mr. G
Jim Garnett, The Debt Doctor
AskMrG Consulting, LLC
2216 SW 35th Street
Ankeny, IA 50023
515-577-1799
askmrg@yahoo.com
AskMrG.com

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Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

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