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A credit inquiry occurs when a person or organization checks your credit report to assess your creditworthiness. There are two primary types of credit inquiries:​

Hard Inquiries (Hard Pulls):

Definition: These occur when a lender or financial institution reviews your credit report as part of a lending decision.​

Impact on Credit Score: Hard inquiries can cause a slight, temporary decrease in your credit score, typically by a few points. However, their effect diminishes over time and usually disappears after about a year. ​

Examples: Applying for a mortgage, car loan, credit card, or any form of credit that involves a lender evaluating your creditworthiness. ​

Soft Inquiries (Soft Pulls):

Definition: These occur when your credit report is checked for purposes other than lending decisions.​

Impact on Credit Score: Soft inquiries do not affect your credit score.​

Examples: Checking your own credit report, pre-approved credit offers, employment background checks, or account reviews by existing creditors. ​

It's important to note that while hard inquiries can impact your credit score, they are generally not a major factor.However, multiple hard inquiries within a short period may suggest to lenders that you're experiencing financial distress, potentially affecting your ability to obtain new credit. ​

If you notice a hard inquiry on your credit report that you don't recognize, it's advisable to contact the company that made the inquiry to confirm its legitimacy. Unauthorized inquiries could be a sign of identity theft. ​

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A late payment occurs when you fail to make a payment by its due date. If the payment isn't received within a specified grace period—often until 5 p.m. on the due date—​the creditor may consider it late and could apply late fees. ​

Typically, late payments are reported to credit bureaus after being at least 30 days overdue. Once reported, they can negatively impact your credit score, affecting your ability to obtain credit in the future. ​

The severity of the impact increases with the length of delinquency:​

30 days late: Minor impact.​

60 days late: Moderate impact.​

90 days late: Significant impact.

120 days late or more: Severe impact; may lead to account charge-off. ​

To mitigate damage to your credit score, it's crucial to bring your account current as soon as possible. If you've missed a payment, consider contacting your creditor to explain the situation and inquire about possible remedies. Additionally, regularly reviewing your credit reports can help identify and address any inaccuracies or unauthorized late payments.​

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A collection account on your credit report signifies that a debt you failed to pay has been transferred to a collection agency. This typically occurs after several months of missed payments, during which the original creditor attempts to recover the owed amount. If unsuccessful, they may assign the debt to a third-party collector.​

Collection accounts can significantly damage your credit score, making it more challenging to obtain new credit in the future. They remain on your credit report for up to seven years, regardless of whether the debt is paid or unpaid. ​

To address a collection account, you can:​

Pay the debt: This can stop further collection actions, but the account may still appear on your credit report.​

Negotiate a "pay for delete": Request that the collection agency removes the account from your credit report upon payment.​

Dispute inaccuracies: If you believe the debt is not yours or is reported incorrectly, dispute it with the credit bureaus.​

It's important to communicate with the collection agency and keep records of all interactions. Additionally, regularly reviewing your credit report can help you identify and address any inaccuracies or unauthorized entries.