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Author: AcmeFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 665  
Subject: Re: credit rating question Date: 9/20/2002 1:53 PM
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A mortgage broker at a bank just told me that each time I ask for my credit report for myself, that it diminishes my credit rating. Is this true?

Yes. And No. Depending on the way you ask for it.

If you go to Equifax (or Experian or TransUnion) directly and have them provide you with a credit report, they will be considered soft inquiries...and they will not have any impact on your credit rating. These inquiries will not be shown to any outside viewers and they will not impact your FICO scores.

BUT...if you go to a mortgage broker and have them pull it for you, it will show as a hard inquiry. More than two hard inquiries in a year (I think this is the number and time-frame, but I'm not certain) is viewed as a negative. For hard inquiry purposes, all car loan inquiries in a 2-week span or mortgage inquiries in a 4-week span count as a single inquiry -- to allow you to comparison shop.

I am not sure how the "3-in-one" credit reports are shown. They might simply be soft inquiries ala you pulling your own report...or they might be hard inquiries and potentially damaging to your credit. Personally, I always pull the reports directly because I want to get my infor directly from the source. YMMV.

Hope that helps.

ACME
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