Having worked for a credit bureau and extensive conversations with reps from the major credit reporting agencies I have learned this much about how credit inquiries work.
All auto loan inquiries made within 30 days are suppressed one month before affecting credit scores.
If a consumer is applying for a mortgage loan then all inquiries made within 14 days are just counted as one hit against the credit score, further more like the auto inquiries - these will be suppressed for 30 days before affecting the score.
All applications for credit or access by collection agencies are hard hit inquiries against the score.
Employment, utilities, rentals, insurance are soft hit inquiries, they show on the report but they don't affect the score.
All inquiries consumers make in ordering the own personal credit report is soft hits against the score, further more lenders pulling the credit reports will not see inquiries made by consumers.
Technically according to the Fair Credit Reporting act the only inquiries that are suppose to show for 2 years are employment inquiries, but for some reason the credit reporting agencies ignore that rule and show all inquiries. But none of the hard hit inquiries affect the credit score after one year.
Consumers should not apply for new credit more then 2 or 3 times per year, each hit can cost 2 to 10 points against the score. So if you are borderline on getting a mortgage loan, watch out for adding any new inquiries, it might just drop a consumer out of prime interest range into sub-prime range. Oh and consumers should never shop for credit cards during an application for a mortgage loan.
Thank you very much, them inquiries can be pesky, not the easiest things to get removed off of the credit report, once a consumer over shops unwittingly and piles on too many inquiries - no amount of new applications is gong to get the person approved, new lenders see the over kill on shopping and will refuse application. _________________ Credit Cards Credit Reporting Information Credit Repair Info
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.