Credit Report Checks

     From the consumer mailbag- Dear Cynthia: I recently was denied a credit card because of the number of inquiries on my credit report. I received a copy of my report and it showed that my current creditors had made inquiries without my consent. Are creditors allowed to do that? Is there a limit on the number of inquiries you may have on your credit report?
     ANSWER: Yes, creditors may make inquiries on your credit report and many review account holders on a regular basis. These inquiries shouldn’t affect your credit rating but prospective creditors may ask for an explanation. Frequent inquiries by prospective creditors may count against you by some lenders who assume that you are applying for too much credit. There is no limit on the number of inquiries that can be made on a credit report. Inquiries are on your report for two years, unlike other information which may be there as long as seven to ten years.

Resource: Talking Dollars Makes Cents - Patrice Dollar, University Outreach and Extension Consumer Education Specialist

                 

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	Web site coordinators: Jamie Thompson Sandra McKinnon Site evaluation: Cynthia Crawford Last updated: March 09, 2005	Web site established by: Kate Akers Mark Belwood Cynthia Crawford Sandra McKinnon Diana Hammond

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