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Credit
reports lists inquiries,
credit scores and
credit ratings.
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
application.
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
and when.
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.
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