Multiple Inquiries on Credit Report May Be Counted As One

The credit reporting system has been quoted recently to recognize when multiple inquiries are being made for the same credit application. One example is that of buying in automobile. When an automobile dealer tries to find the best loan to you he might send your enquiry to different lenders at the same time who might access your credit report resulting in multiple inquiries. But for credit scoring models this enquiry will only be counted as one. The rule of thumb is that all inquiries made for the same purpose within the span of 14 days are counted as one regardless of the number of times that your credit report has been accessed. Even the several inquiries have been made the credit score will recognize it as the same enquiry made for the automobile loan.

While these inquiries will be counted as one for the purpose of calculating your credit score all of them will be listed on your credit report separately. All inquiries are listed in the purpose of maintaining a record of as to all access to your credit report and when. This is done for your advantage. It is important that all inquiries are recorded so that you have a complete record of who all have access to your credit report.