ICFE eNEWS #18-17 - August 2018
"Inquiries" on my Credit Report - What
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?
"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
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
© Jim Garnett, The Debt Doctor
AskMrG Consulting, LLC
2216 SW 35th Street
Ankeny, IA 50023
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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 and founder of the College for Financial Planning in Denver, CO.)
The ICFE is dedicated to helping consumers of all ages to improve their spending
practices, 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 financial continuing education courses programs
and resources. In addition to eight Certification courses covering identity
theft, credit files, credit repair and credit scoring, among others, it also
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 is a partner
with the national Jump$tart Coalition for Financial Literacy and the California
Jump$tart chapter. The ICFE staff is also active with San Diego Saves and
Military Saves, both offshoots of America Saves.
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.
The ICFE 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
library, a free eNews service, and an online resource center for students,
parents and educators, plus financial education learning tools in the ICFE Book