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Credit Inquiries: The Difference Between Hard and Soft InquiriesNot All Credit Checks Are Created Equal

Credit Inquiries: The Difference Between Hard and Soft Inquiries

Posted: June 4, 2013 by Rachel Shepard

Many consumers understand that if multiple inquiries about their credit are made to the major credit reporting bureaus, that can have a negative impact on their credit rating. What many people are not aware of, however, is the fact that there are different types of credit inquiries. One type is not likely to produce an ill effect in terms of lowering an individual’s credit score, while frequent inquiries of a different type could trigger a temporary decline in the credit rating.

Because of the potential impact that a credit inquiry can have on you, before you apply for any type of credit account, it pays for you to know whether the account issuer will initiate a hard or a soft credit inquiry.

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