Many third-party organisations offer the facility of credit monitoring to the consumer. Credit monitoring agreement usually involves extending the facility to the consumer way she can check his credit report as any number of times as he likes for a fixed monthly or annual fee. While a credit monitoring programme is usually structured in such  Full Article…

Employers like to view the credit history of potential employees for the purpose of background check. It is also commonly believed that people who have their debt in control have a lesser stress level and perform better at work. Your responsibility towards credit management also shows your responsibility towards your work. An employer needs permission  Full Article…

Whenever your credit report is accessed a record is made into your credit report. This record is called an enquiry. There are two kinds of enquiries, soft enquiry and hard enquiry. Depending upon which type of an enquiry is present on your credit report it may or may not have an impact on your credit  Full Article…

Finding out who all have checked your credit report in the past is a simple matter of ordering a personal copy of the credit report from one or all three of the credit bureaus. You are eligible to get a free copy of your personal credit report from each of the credit bureaus once every  Full Article…

Shotgunning is the name that has been given to the practice of quickly applying for credit with multiple lenders in a short amount of time for the same credit incident. This usually happens when a person is looking for a loan for an automobile or mortgage. The mortgage broker of the automobile dealer may send  Full Article…

The fair credit reporting act allows insurance companies to review the credit reports of the insured since the time that it was enacted in 1972. Enquiries made for the purpose of insurance are also treated like preapproved credit offers and hence come under the category of soft enquiries. They are not shown to the lenders  Full Article…

It is well known and understood that the creditor makes an enquiry for a consumer’s credit report when the consumer makes an application for credit. A lesser known fact is that your existing creditors with whom you have a working credit account with may continue to make enquiries into your credit report in the future  Full Article…

We have stated in the previous columns that whenever multiple inquiries occur for the same loan application, it is treated as a single inquiry by the credit scoring model. This is regardless of the kind of the loan that has been applied for. It is understood that consumers shop around for the best deal whether  Full Article…

It has become a common trend of the day for prospective employers to want to access the credit history of the potential employee. It is commonly believed that people with good credit rating and lesser debt burden perform better at their jobs. An employer can only be you your credit report once you give them  Full Article…

When somebody call signs with you on an application for credit the only way that multiple enquiries can happen on the credit report of the cosigner is when the creditor indulges in a practice called shotgunning. An easy example of this practice is when you apply for an automobile loan. Let’s say you had some  Full Article…