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Hard Inquiries Stay on Your Credit Report

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Hard inquiries occur when a lending institution requires a credit report. In the case, a borrower applies for:

  • Auto loan
  • Personal loan or student loan
  • Mortgage loan
  • Credit card

Lenders want to determinate whether they can open a new account for a borrower.

Hard Inquiries Impact on Your Credit Score

It’s crucial to know how long do hard credit inquiries stay on your credit report because they affect the credit score. On the average, hard inquiries stay on the credit report for 2 years. Still, they manage to affect the score during one year only.

The impact on credit score is different. It’s not that critical when you shop for a different mortgage or student loan offers in order to find the most affordable one. In such case, the program identifies it as one inquiry as in the reality you shop for one loan but check out different offers.

It’s important to know how long do hard credit inquiries stay on your report because sometimes they can prevent borrowers from loan approval.

If you find a mistake in the report inquiry, you should urgently inform the service about it until it didn’t start to affect a credit.