Also known as credit pull, a credit inquiry is essentially a request by a borrower to check your credit.
Soft Credit Checks
Soft credit checks don’t affect your credit score, so you need not worry when applying for a loan or an inquiry, even if they occur without your permission. Soft inquiry can be considered as “background checks” when a mortgage lender pre-approves you for a loan or an employer for a job. Although soft inquiries do not affect your credit score, they may have an impact on certain decisions made by the business or other systems that you have sent an application.
Hard Credit Checks
Hard inquiries, on the other hand, may lower your credit score by a few points; however, it may have temporary effects. If you shop around for a better home loan refinance rates and lenders make multiple hard inquiries, it could negatively impact your credit score. The good thing about these inquiries is that they don’t occur without your permission. When a business or lender carries out this inquiry without taking clear consent from you, checking the credit report details aids in the decision for dispute.
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Author's Bio - The author is an online blogger. This article is about credit inquiries.
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