credit check

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jburtz
Resident

How long does the credit check online normally take?

SuperFred
Moderator
Moderator

Hi, your question is in regards to which one of our services? A credit check should not take long if we have the client's information.

Nighthawk
Community Power User
Community Power User

Do the credit checks still count as a hard hit on someone's credit?


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m_ols
Ambassador

@Nighthawk  - Yes, credit checks do cause a hit on your credit report.

xl
CPU Alum
CPU Alum

If other's check your credit.... it should be OK.

 

If you check your own credit annually, it's OK and encouraged.  More frequently like monthly or weekly, might set off bad signals.

 

If you have a couple of credit cards.... it's OK.... if you have a dozen... that could be negative.

NFtoBC
Community Power User
Community Power User

From TransUnion:

Q Does every inquiry affect my score?
A
 • No. The only inquiries that would affect your credit score are those initiated by you for specific credit transactions or access from companies attempting to collect on a debt that may be past due (i.e. collection agency). Also, most scoring models take the appropriate steps to ensure that your score is not lowered because of the multiple inquiries that might occur in a specific time period as a result of shopping for the best terms for an auto or home loan.


Also, the score excludes inquires when:

  • A credit grantor has verified your identity for the purpose of offering you credit.
  • A credit grantor with whom you have a business relationship has reviewed your account with them.
  • You have received your personal credit report.

Source

NFtoBC
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Nighthawk
Community Power User
Community Power User

@m_ols  Credit checks shouldn't be a hard hit. Insurance companies to soft hits every time you do a quote. (source: I work for an insurance broker) Bell was sued for the hard hit and lost.

 

Examples: Bell TV says damaging credit checks are 'standard procedure and Bell TV 'reprehensible' for violating man's privacy

 

With that precedent set, Telus should re-examine how it does the checks. If not, customers could end up suing Telus too.


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