During the application process for a new credit line or loan agreement, a pre-authorization form is typically signed in order to allow the company access to your credit report. Accessing the information located in your report regarding payment history, account statuses, and approval ratings can help creditors determine if you are a reliable borrower.
These inquiries may seem harmless, but if have a large number of inquiries or if they result in a denial, they can end up lowering your score. These checks are often referred to as “hard inquiries” and can unfortunately stay on your report for as long as two years.
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