What is a credit inquiry?

A credit inquiry is a request from a legitimate business to look at your credit history. There are two types of inquiries:

Hard Inquiry: In most cases, a hard inquiry occurs after you apply for credit from a lender. These inquiries may have a slight, temporary impact on your credit score since many credit scoring models look at how frequently and recently you have applied for credit.

Soft Inquiry: These types of inquiries tend to be monitoring of your credit history, prescreening inquiries by prospective lenders, and your personal requests for your annual credit report. Unlike hard inquiries, these will not change your credit score.

You can visit https://www.transunion.com/credit-report to learn more about how multiple inquiries affect credit scores. MPOWER obtains Canadian credit information from Equifax, which provides information at https://www.consumer.equifax.ca/personal/.

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DISCLAIMER - Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.