Credit History

Run a Credit Report on Yourself
Question:
Discuss your experience in reviewing your personal credit report. Were there any surprises or errors? Was it complete or was information missing? Did you access your FICO score?
Using the sample credit report as your own to answer this question.

Information:
Credit inquiries are classified as either “soft inquiries” or “hard inquiries” – only hard inquiries have an effect on your FICO score.

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• A soft inquiry is when a person/company checks your credit report as a background check. – e.g., when a lender preapproves you for a loan.
❑Soft inquiries are credit inquiries where your credit is NOT being reviewed by a prospective lender.
✓Include checking your own credit
✓Credit checks made by businesses to offer you goods or services (such as promotional offers by credit card companies),
✓Inquiries made by businesses with whom you already have a credit account.
❑Soft inquiries can occur without your permission. ❑They do not affect your credit in any way

• A hard inquiry is when a company is reviewing your credit history in order to provide a loan, financing, or some sort of credit. These types of inquiries must be authorized by you
These inquiries must be authorized by you.
❑The very act of this query will lower your credit score as it may indicate to lenders that you are having financial troubles or are on the verge of getting too deep into debt.
❑ It stays on your Credit Report for 2 years.
❑ Are triggered when you apply for a personal loan,
credit card, auto loan, mortgage, etc.
❑ Also triggered if the bank needs to  Credit History check on this: https://en.wikipedia.org/wiki/Credit_history

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