By: Gordon Thomson
Be careful of too many inquiries
Every time someone looks at your credit report, the inquiry is noted. If you have lots of inquiries on your report it may appear that you are shopping for several loans at once, or that you have been rejected by lenders. If four or more inquiries are listed on a credit report within a two month period it could raise a flag that alerts creditors that you have made excessive applications for credit, this could make you appear to be a poor credit risk and may affect your credit score. This means you should be careful about who you allow to pull your credit report.
Another serious reason for closely examining the inquiries is the possibility of Identity Theft, if someone has gotten hold of your personal information they may be trying to obtain credit in your name, if you suspect this you should contact the agency and the police immediately.
Be careful of too many inquiries
Every time someone looks at your credit report, the inquiry is noted. If you have lots of inquiries on your report it may appear that you are shopping for several loans at once, or that you have been rejected by lenders. If four or more inquiries are listed on a credit report within a two month period it could raise a flag that alerts creditors that you have made excessive applications for credit, this could make you appear to be a poor credit risk and may affect your credit score. This means you should be careful about who you allow to pull your credit report.
Another serious reason for closely examining the inquiries is the possibility of Identity Theft, if someone has gotten hold of your personal information they may be trying to obtain credit in your name, if you suspect this you should contact the agency and the police immediately.
