Inquiry on credit report

Most people ask me about an "inquiry on their credit report". Is it good, bad, what does it all mean?

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There are two types of inquiries that happen, soft and hard. Anytime you pull your credit or someone else does, an inquiry is created. The soft kind (normally when you pull your credit or a CRA does) does not hurt you.

You need to be real careful when it comes to having an inquiry on a credit report. Too many can hurt you. Typically, you do not want more than 1-2 in the past 6 months (with zero being ideal).

Too many can hurt your chances for approval of credit as it looks like you are just fishing for credit. This is why it is important that you don't apply for any credit unless you are close to certain you will be approved.

An inquiry on a credit report will stay there for 2 years and then fall off. Again, it is the past 6 months that matters most.

If you happen to notice an inquiry on a credit report that you did not authorize, you need to send a letter to the CRA and ask that it be removed since you did not authorize it and call up the company and complain. Many times you can get it removed by doing these two actions. Be forcefull and don't give in. It may take many calls/letters but it is worth it.

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