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Multiple/Duplicate Hard Inquiries

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TBova



Joined: 01 Apr 2009
TBova's page
Posts: 6



228 Magic Points

Subject: Multiple/Duplicate Hard Inquiries
 
Posted on Sat Mar 20, 2010 3:42 am  

Hello, I have a question regarding Hard Inquiries on my credit report. I have two sets of inquiries that show up in a set of two and a set of 3, one from a student loan I applied for, and one for when I bought my home about a year and a half ago. On my 3 in 1 report, they show for each CA. Is this normal? I am used to places checking only one CA, not all 3. For the student loan one, I was never approved and did not follow up with a co-signor, can I have that one removed?

Thanks!

-Tony
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: multiple hard inquiries
 
Posted on Mon Mar 22, 2010 5:34 am  

Hi TBova,

Hard inquiries do damage your credit score. A single hard inquiry may not hurt much as it lowers your score by 2-4 points. However, if there are multiple hard inquiries, it may damage your credit score. If you weren't aware that any such inquiries were going to be done, then you can dispute these.

Hope this helps.

Thanks,

Aaron
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NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Mon Mar 22, 2010 5:56 am  

Some lenders have the option to check all three credit reporting agencies - this is because not all 3 will contain the same information and these companies want to know your debt to income.

Credit Card companies don't do this like Mortgage & Student Loan companies.

Sometimes the mortgage company will pull more than one report on a single bureau, if that happens and it was within 14 days, then them inquiries even though they show separate will actually be counted as one.

But I think you were saying that they pulled 1 for Experian, 1 for Equifax, and 1 for TransUnion.

Inquiries only affect the credit score for 1 year, though they can show on the credit report for a total of 2 years.

If you had a good credit score to begin with the damage will be minimal, but if you had poor credit to begin with each inquiries usually will cost between 2-10 points - but like I said over time, that decreases.
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