Credit is a contractual agreement which allows the borrower to receive something valuable for the meantime and is not required to reimburse at the moment, but agrees to repay the lender in some other date in the future. In other words, credit is what makes mutual exchange of privileges formal, legal and effective.

By allowing or giving a business a consent to view or access your credit, you are giving your full trust to the lender. Further in this article, you will see different ways on how credit inquiry is made or written. May it be for registration, business, agricultural, consumer, or reference etc.

Credit Inquiry Request

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Agricultural Credit Inquiry

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Size: 68 KB

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Consumer Credit Inquiry

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Size: 33 KB

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Credit Inquiry Registration

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Size: 238 KB

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Credit Reference Inquiry

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Size: 62 KB

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What Is a Credit Inquiry?

Credit inquiry is a transaction made between the bank or lender and individual who would want to loan. It is when the credit reports of that individual has been accessed and has been used for loaning purposes. The purpose of credit inquiry is for the bank or any credit issuing company would know the creditworthiness of individual.

Credit inquiry has two main types, and these are: soft inquiry and hard inquiry.  A soft inquiry is when the individual does the checking of his/her own credit report for some errors, or viewing his/her credit scores.  A hard inquiry is when the lender is reviewing or accessing your credit due to your application for credit with them.

Different kinds of Credit Inquiry forms are found in this article to give you ideas on how it is written or made. You can also visit business form examples, for different ways in carrying out day-to-day business transactions.

How Long Does an Inquiry Stay on Your Credit?

Hard Inquiries stays on your credit reports for about two years. It would be a good idea if you will limit your expenses for a two or three week period n order for it to count as a single inquiry. Since most of the scoring models would count same inquiries as one, as they take place within a 14 to 45 day period. But before you spend your credit for your expenses, it is wise for you to check your credit reports and credit scores more often.

Confidential Credit Inquiry

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Size: 266 KB

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Commercial Credit Inquiry

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Size: 108 KB

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Credit Inquiry Authorization

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Size: 72 KB

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Credit Dispute Inquiry

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Size: 4 KB

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Credit Inquiry Consent

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Size: 29 KB

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Credit Inquiry Information

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Size: 237 KB

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Bank Credit Inquiry Form

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Size: 23.8 KB

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How Do Credit Inquiries Affect your Credit Score?

Credit score is being affected by credit inquiries especially for those who are having multiple credit inquiries, this would mean a greater risk of declaration bankruptcy of their credit reports. But it is more likely for people to avoid the drop of their credit scores if they have fewer accounts or have short credit history. Inquiry information that are factored into your credit scores are the following.

  • How often does your account was opened
  • How often do you make credit inquiries
  • Time since the account was accessed
  • Time when credit inquiries are made

For more details in having an agreement in terms of business consent, click on business consent forms. If you are planning to have your own business, refer to business registration forms to get you started.

 

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