How Shopping Around for Credit Can Affect You

Did you know that shopping for credit has a detrimental influence on your credit score? It’s true! The lender will check your credit report to determine how much debt you already have when you apply for new cards or loans. If you have a lot of inquiries on your report, it might suggest that you are a risky borrower and result in a lower credit score.

Each time you apply for credit and your credit report is accessed by a credit provider, a credit inquiry is added to it. A high number of inquiries made in a short period of time is viewed negatively by lenders and credit providers as it may be an indication of financial strain. This might have an impact on your ability to get loans.

For example, a hard credit pull can have an impact on your credit scores for a short time. However, improving the overall picture of your credit file may help minimize the effect. Begin by analyzing your credit score and learning what’s in your current credit report. Then you can put yourself in the best possible light to take advantage of any tough inquiries with as little stress as possible.

However, the number of inquiries on your credit report is only one piece of information that a lender may take into account when evaluating your credit application. Lenders look at a number of factors when making decisions. It may consider whether you have paid your bills on time if you are an existing customer of the credit provider (or made loan repayments).

You can’t get a legitimate enquiry off your credit report. In most cases, you’ll have to wait five years before being able to remove it. They are then deleted from your history after this time has elapsed. In general, the only information on your credit report that may be deleted are those that are wrong or misleading.

If you have a fraudulent enquiry on your credit report then Clear Credit Solutions can help to remove this off your credit report. We understand the importance of good credit rating, and our team of experienced professionals will work quickly and efficiently to remove any fraudulent enquiries from your report.

We offer a free credit file assessment to determine what exactly is on your report and whether we are able to help remove the listing from your report or not. Our team of experts will never put you in a worse position than when you came to us for help, so please don’t hesitate to contact us today if you need assistance in credit rating repair.