Credit Inquiry is a transaction in which a creditor or a financial body analyses an individual's credit report. This is done when individual applies for a debt like loans, mortgage, credits etc.
Mainly it is done to see whether the person in question would be able to repay or not.
Credit inquiries are of 2 types –
A soft inquiry is mainly normal individual inquiries and other background checks.
A hard inquiry is done by lender or debtor who would go through previous credit history and reports. It affects credit score.
Search & Explore : Management Dictionary
Browse definitions and meaning of more concepts and terms similar to Credit Inquiry. The Management Dictionary covers definitions and overview of over 7000 business concepts from 6 categories.
Related Business Content