reports lists inquiries,
Each time a member of the credit bureau requests your
file, the request is noted on your file as an inquiry.
When you apply for a loan at a bank for example, a
credit inquiry is made to the credit reporting agency.
If you apply at 5 banks, then your credit file will
reflect that there have been 5 applications. This could
send a warning sign to the next borrower you approach.
Some lenders acknowledged that the number of inquiries
on a credit report are a factor in evaluating a credit
An inquiry shows the name of the company or individual
who has requested your credit file and because each
inquiry is listed on your credit report, you'll know
exactly who has obtained a copy of it. Credit grantors
typically request regular updates of your credit file
after an account has been opened, when it is being
renewed or for limit increases. You can therefore see a
complete record of who has requested your credit file
Experts recommend that everyone see what is in their
credit report at least once a year. If you check your
credit file periodically especially before you make any
major purchases you'll find out what the banks know and
you can make sure there are no surprises ahead.
Not all credit reports are the same.
Score Power from Equifax Canada is the only online
service that provides you access to your complete credit
history including your FICO credit score also known as
your BEACON score and lists inquiries made by lenders
with a full explanation of your credit score along with
tips and tools to take an active role in
understanding and improving your credit over time.
Find out more
Check your prospective tenant's credit score and
verify whether they have ever been taken to court, paid bills on time, or have
any large debts which may effect their ability to pay you your rent. If you are
involved in the rental management industry you can obtain your prospective
tenants credit report here.
When dealing with a total stranger it's important that you have all the facts.
Become a member now and ensure success!