Hard Inquiry

A hard inquiry is a type of credit report inquiry that is initiated by a lender or other credit grantor, typically in response to a specific loan application or credit report dispute.

Key Characteristics of Hard Inquiries:

• Initiated by a lender or credit grantor: The inquiry is initiated by a lender or other credit grantor as part of the credit application process or in response to a credit report dispute.
• Visible to all three credit bureaus: The inquiry is visible to all three credit bureaus (Experian, Equifax, and TransUnion) and can be seen by any lender or creditor who requests a credit report.
• Can impact credit score: Hard inquiries can temporarily lower a credit score, typically by 1-10 points.
• May remain on report for up to two years: Hard inquiries typically remain on a credit report for up to two years.
• Can be triggered by various events: Hard inquiries can be triggered by applying for a new credit card, loan, or credit line, or by disputing an error on your credit report.

Examples of Hard Inquiries:

• Applying for a new credit card
• Applying for a loan
• Signing up for a credit monitoring service
• Resolving a credit report dispute

Impact on Credit Score:

Hard inquiries can temporarily lower your credit score because they indicate that you are applying for new credit or have recently opened new accounts. This can be seen negatively by lenders and can impact your score, although the impact usually fades over time.

Note:

Hard inquiries are not the same as soft inquiries, which are initiated by you or a pre-screened lender. Soft inquiries do not affect your credit score.