Soft vs hard credit inquiry: What’s the difference?
Thursday, 16 November 2023
A hard credit inquiry occurs when lenders assess your credit reports to evaluate your credit history and determine whether to grant you new credit. Multiple hard inquiries within a short timeframe can lower your credit score and make lenders view you as a higher-risk borrower. On the other hand, soft inquiries do not affect your credit score and are usually for background purposes. To minimize the impact of hard inquiries, multiple credit inquiries for the same type of loan made within a specific window may be treated as a single inquiry.
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