What is a credit enquiry and how do they affect your credit score?

Category: Business

An ‘enquiry’ is recorded on your credit file by a lender or creditor, when you apply for most forms of credit, just like ‘defaults’ do. Enquiries remain on your credit file for five (5) years. Having a few enquiry records on your credit file isn’t necessarily a negative thing, however the number and frequency of enquiries within a 2-3 year period, can have a huge negative impact on your credit score and how creditors view your credit history.