Inquiries occur whenever your credit report is pulled and are reported and recorded on your credit report.
There are two types of inquiries. Soft inquiries are ones that occur when you pull your credit report or when one of your current creditors pulls your credit report. Current creditors sometimes do this to see how you are doing credit wise and check for potential credit problems. Soft inquiries do not effect your credit score. Hard inquiries are recorded when your credit report is pulled as a result of applying for new credit. These count against you and can lower your credit score.
There are exemptions that have been made for auto loans and mortgage inquiries so consumers can shop around for the best interest rates. A credit inquiry buffer is in place and all auto and mortgage inquiries made within 30 days from scoring are ignored. Auto and mortgage inquiries made in any 14 day period count as only one credit inquiry. All other credit inquiries that are not mortgage or auto related count separately.
You want to keep your inquiries to a minimum because it can have a bad effect on your credit rating.
If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
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