Too many inquiries or credit applications can hurt your credit score. You can challenge any inquiry with Lexington Law that you do not recognize, or you believe may be questionable.
Inquiries are not considered to be a negative item and do not affect the Payment History factor of 35% on your credit file. However, inquiries can have a negative impact on an individual's credit profile by about 10%.
There are two types of inquiries: Soft and Hard. A hard inquiry is added to an individual's credit report when a third party views the credit report in response to an application for credit which can include: home loans, credit cards and auto loans. Hard inquiries can stay on your credit file for up to two years and negatively impact your credit score by 10%. Soft inquiries are normally done by the individual and can stay on your credit file for up to two years also but, they do not after your score.
How can Lexington Law help with inquiries?
Lexington Law can provide their clients with a tool that you can access on the client website that provides firm prepared letters to aid in challenging score-impacting inquiries that are 1 year and under since being added to their credit file (s) when applying for a line of credit. This tool is only available for those clients who are on the Premier Plus, Concord Premier and Lex OnTrack service levels.