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Q: Someone accessing your CREDIT ( Answered,   0 Comments )
Subject: Someone accessing your CREDIT
Category: Business and Money
Asked by: silencer32-ga
List Price: $4.00
Posted: 04 Mar 2006 14:14 PST
Expires: 03 Apr 2006 15:14 PDT
Question ID: 703630
Does someone accessing your credit report bring down your score? I
mean.. say I'm applying for a job, and one of the requirements for the
job is to allow them to get a credit report. Does this proccess of
them getting into your credit score lower it, if any?
Subject: Re: Someone accessing your CREDIT
Answered By: answerguru-ga on 04 Mar 2006 14:32 PST
Hello silencer32-ga,

Whether you reside in the USA or Canada, the number of credit
inquiries on an individual does affect their credit rating.


"Credit scores are reported as a number, usually in the 300-900 range.
The higher the number the better the score. Creditors see the number
as an indicator that an individual will repay a loan. Typically,
scores are determined by reviewing the following data:

Your history of late payments 
Non payments 
Current level of debt 
Types of credit accounts 
Length of credit history 
Number of credit inquiries 
History of applying for credit 
Bad credit behavior, such as writing bad checks"


"Is it true that the number of times your credit rating is looked at
has an impact on your credit score? What does this mean for people who
are shopping for a loan? Does it make a difference if you viewing your
own file?

"Hard" inquiries, those arising from a credit application, are
considered when calculating an individuals credit score. However, a
number of characteristics are used in calculating a credit score and
it is this combination of characteristics that impact the score.
Depending on the type of loan that the individual is seeking to
acquire, inquiries are treated differently. Individuals reviewing
their own file have a "soft" inquiry placed on their credit file.
"Soft" inquiries do not impact the credit score. "

It should be kept in mind that the number of "hard inquiries" only
have a significant negative impact on your score if there are a large
number of inquiries over a short period of time.

I hope that helps :)

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