Spotlight: Credit

Credit Inquiries

Spotlight: Credit

Credit Inquiries

1min

Key Takeaways

  • Hard and soft credit inquiries are two ways that lenders can check your credit history.

  • For a lender to make a hard inquiry, you must first authorize it. And a hard inquiry temporarily hurts your credit score.

  • To reduce the negative impact of hard inquiries on your credit, try to both limit and consolidate your loan applications, and be sure to dispute any unauthorized hard inquiries that appear on your credit report.

Learn more about Northern Trust’s Essentials curriculum, a customizable program designed to educate clients on personal finance, investing and estate planning topics.

Others in this series

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Credit

How credit works and why you need a good credit score.

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Building Credit

Six ways to start building credit history.

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Your Credit Score

How your FICO score is calculated and how to improve it.

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Credit Cards

Learn how to responsibly use credit cards.

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Empower Your Family with Financial Education

Successful wealth management requires a fundamental understanding of personal finance, investing and estate planning. Let us design a custom financial education program for your family.

This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel.  All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.

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