Hello Credit Geeks!
Today I wanted to chat a bit about inquiries. There are a lot of questions we receive from clients and folks that call in from California to New York about INQUIRIES!!
Basically, inquiries are little 'pings' on your credit that come from other creditors, potential employers, past creditors, collection agencies, etc. They are the remnants or footsteps of someone looking at your credit.
Inquiries are the 'remnants' or 'footsteps' of someone looking at your credit.
We get an inquiry when we go for a car loan, or a house loan. Sometimes we see inquiries on our credit that we don't recognize during a time frame when we never asked for credit. They may be lenders that are considering marketing to you, or they may be collection agencies spying on you.
In short, yes... we are being spied upon. For instance, collection agencies often opt in to a program that is offered by the credit bureaus called 'collection triggers'.
Collection agencies can be notified when your score changes. They would then inquire on your credit and decide whether or not it is time to call you. Scary, I know. For some reason, a high number of inquiries is viewed by Credit Reporting Agencies as a negative thing. So it is good for you to know that inquiries can be deleted from your Credit Report....
Ed-Jack Dvorak is National Affiliate Liaison at Credit Dr., a national credit restoration company. He works with clients and creditors to improve credit profiles.