Most consumers know that when you apply for credit, a credit check is run. But did you know that other non-credit companies also run credit checks?  You would think that you would be explicitly notified if a company was running a check on your credit but that is not always the case. As the poll shows below many people were surprised to learn about inquiries on their credit.  The impact of an inquiry on your credit score will vary depending on the type of inquiry.  Multiple inquiries can add up to a significant change to your score and not in a good way.  If you are in the process of getting a home loan or refinance this can result in a lender rejecting a loan.   Here are a few ways an inquiry can occur that you may not be aware of:

  • A retail store offering zero interest for a period of time (example: no payments for 2 years)
  • Cell Phone service providers
  • Utilities (water, phone, electric)
  • Solar Companies
  • Landlords
  • Home insurers

If you are applying for a loan or in the process of getting a loan take care not to make changes or except offers of credit before closing.