Credit Inquiries

credit report

In the Real Estate business, credit is a large factor in whether people can purchase a new home or not. Most people are not able to purchase a home with cash. You do have to have good credit in order to obtain a mortgage.

It’s important to monitor your credit report regularly to make sure there are no errors on there. This happens more frequently than people realize. As a matter of fact, I just found out last week that there were TWO errors on my report since I last checked it 6 months ago. One was simple to take care of as the creditor readily admitted they made a mistake in the processing of the report to the credit bureaus. They immediately reported to the credit bureau that it is an error & should be removed. They are also sending me a letter in case I have to apply for credit & it’s still showing up on my report. I will have to follow up to make sure the credit reporting agencies really do remove it. The other, well, that creditor is not complying as nicely or quickly as the 1st. I think I’m going to have a bit more work to do with them, but it’s definitely worth the fight to get it removed from my report.

Everyone is entitled to check their credit report once a year for free at If you want your credit SCORE however, you do have to pay. If you are trying to rebuild your credit or about to apply for a mortgage, it might be worth it to check this. Just keep in mind that the Consumer Credit score we see, is not the same as the score that the lenders check. But it gives us a good benchmark.

You can also keep an eye on your credit report & receive alerts when you create an alert at these sites: &

Someone once told me they check their credit by applying for store credit. They didn’t think an inquiry could hurt their scores. Is that true? How does it affect your credit? Well, Derick Vogel answers these questions far better than I can, so let me redirect you to his very informative article – “Credit Inquiries: Everything You’ve Ever Wanted to Know” by @Credit_Absolute on @LinkedIn


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