Your personal credit report includes a list of everyone who has accessed your credit report during the last two years. Actually, there are two lists. Each request for your credit report is called an inquiry. There are two different types of inquiry – those shared with others and those that are shown only to you. They are shown in separate lists on your personal credit report.
Experian provides lenders only inquiries that are the result of your application for credit or certain other financial services, such as housing. These inquiries are shared with lenders because they represent additional debt or financial obligations that may not yet appear on your credit report as an account. The inquiries are important because they can indicate additional lending risk represented by potential new debt in an amount that is still unknown. When a lot of inquiries are present, it lowers your score as explained above, because it shows you are looking for credit.
Lenders do not receive the second type of inquiry, which are inquires that you did not initiate by completing an application. These inquiries appear only on the report you get directly through a credit monitoring service, or by requesting your free annual credit report through ANNUALCREDITREPORT.COM This site will give you your credit report for free once a year. You can also get a personal report free when you have had adverse action taken, such as having your application declined. The lender will provide instructions for requesting your report in that instance.
Your credit reports matter.
- Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application.
- Reviewing credit reports helps you catch signs of identity theft early.
FREE Credit Reports. Federal law allows you to:
- Get a free copy of your credit report every 12 months from each credit reporting company.
- Ensure that the information on all of your credit reports is correct and up to date.
Inquiries resulting from reviews to make pre-approved credit offers, for insurance or employment purposes, for account monitoring by your existing lenders and for requesting your own report fall into this category. There typically are far more of this type of inquiry, but because they are not shared with lenders, they have no impact on credit scores or your ability to get credit.
WHO can get a copy of my Credit Report? Once you learn who can get a copy, how they obtain it, and how you can monitor it, you are in a good position to work on keeping that score healthy.
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