How Inquiries Impact Your Credit Report

How Inquiries Impact Your Credit ReportIntroductionWhen you apply for a loan or credit card, the lender will typically check your credit report to help determine your eligibility. This process is known as a credit inquiry, and it can have a significant impact on your credit score and overall financial health.Explanation of what credit inquiries are and why they matterA credit inquiry occurs when someone (usually a creditor) requests access to your credit report from one of the three major credit bureaus: Equifax, Experian, or TransUnion. There are two types of inquiries: hard inquiries and soft inquiries.A hard inquiry occurs when...