What are inquires?

Part of your credit score considers the number of inquiries made for your credit report. Credit inquiries are placed on your credit report each time a business requests a copy of your report. The Fair Credit Reporting Act (FCRA) requires businesses to have an acceptable reason for accessing your credit report. Acceptable reasons include:

• To grant credit
• Collect a debt
• Underwrite insurance
• Employment
• License issuing by some government agencies
• Legitimate business transactions

Each inquiry that reports can drop your credit score anywhere from 2-5 points. The inquiries on your credit report will remain for two years but only affect your credit score for one year.

See More