Message Font: Serif | Sans-Serif
No. of Recommendations: 2
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.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.