Information about Multiple Inquiries on Credit Report
I have way to many inquiries on my credit, how do I fix that?
I went on one of those sites a while ago, looking for the best loan, well now i have way to many inquiries on my credit, how do I fix that??
If these inquiries were requested by you and are genuine, then there is nothing you can do to 'fix' it. Just so you know, for a general guideline as to how long do credit inquiries stay on a credit reports, it is usually safe to estimate about 2 years. You have to be careful when filling our information on websites. Most companies that do pull your credit are required to state the same on the application page. In some instances, there is no other way to get a quote unless the company runs a credit check on you.
However, the credit bureaus’ scoring models claim to be able to distinguish between those consumers who are attempting to open multiple lines of credit and those who are simply shopping around for the best deal. The bureaus do this by grouping inquiries for a single purpose, such as inquiries from mortgage companies, within a certain period of time into a single inquiry instead of multiple individual inquiries.
The time frame used for the groupings varies between scoring models; FICO currently uses a 45 day “shopping” period. For example, if you apply for a credit card with 10 different companies within a 45 day period, all 10 inquiries created when the credit card companies pull your credit would count as a single “shopping” inquiry. This single inquiry may slightly ding your credit, but certainly not as much as 10 individual inquiries would damage your score. When you view your credit report, you will see individual inquiries, but the inquiries will be lumped together when your credit score is calculated.
To read more about credit, credit reports, credit scoring, I encourage you to visit the Bills.com credit resources page.
I hope this information helps you Find. Learn. Save.