Credit enquiry is a record left in your credit file each time you apply for a loan. Every credit application creates a credit enquiry, it doesn’t matter whether you apply for a home loan or a small credit like those of telephone bills and utilities.
Credit enquiries on your credit file contain the following information:
- The name of the lender with whom you applied for a loan
- Loan reference number
- The type of applicant you were, i.e. whether you were the main applicant, co-borrower or a guarantor
- The amount of the loan
- The type of application - if it was an application for home mortgage or for a credit card
That is due to the reason that when you are applying for credit multiple times within a short period, it may make the lenders feel that you have been declined in all of your previous loan applications, or else you need not have applied for credit multiple times. Consequently, multiple enquiries on your credit file may reduce your credit score.
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