Inquiries always produce negative effect on our credit. If you have large number of listed inquiries of your credit report, you will lose credit points. Essentially there are two major usages of these inquiries that are: Hard Inquiry: If you apply for credit or loan, the lender checks credit report to see your status of credit worthiness. This kind of inquiry will remain on your credit score report for three years and make bad impact on your credit history. Soft inquiry -It is made by lenders or creditors who are not having any…continue reading →
Sometimes employers check these reports to know about the financial position of a concerning person. In credit report, they can find all information about loans, credits, credit card transaction and mortgages. Your credit report is helpful in determining your financial status.continue reading →
Yes, although it depends on the method. For example, while it is legal to challenge negative items on your credit reports which you believe to be inaccurate, misleading, or unverifiable, accurate information is supposed to remain on your credit report. By contrast, it is entirely illegal to create a "new" identity by applying for an Employer Identification Number to use instead of one's Social Security Number — a process known as file segregation — in order to escape responsibility by hiding one's credit history. File segregation is a serious crime and can result…continue reading →
Credit repair is a general term that refers to the practice of a consumer challenging inaccurate, misleading, or unverifiable information on the consumer's credit report to improve one's inaccurate credit standing.continue reading →