How long does hard credit inquiry stay on report?

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In Canada, a hard credit check lingers on your credit file for two years. The initial impact on your credit score can lessen within a year. While these inquiries may slightly dent your score, monitoring their frequency can help keep your credit profile healthy when seeking new credit. Reach out via phone, text, or live chat if you have any questions about managing your credit score effectively.

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Hard Credit Inquiry Stay On Report Question

How long does hard credit inquiry stay on report? I saw a hard inquiry on my credit report from a recent loan application

From: Anonymous Question
Location: Delta, British Columbia (BC)
Category: credit rebuilding

Hard Credit Inquiry Stay On Report Answer

In Canada, hard credit checks stick around on your credit file for a couple of years from the day they first pop up. But don’t stress too much; their bite on your credit score often eases up and might even stop bugging it by the time 12 months roll by. While these inquiries might nibble away a tiny part of your credit score, keeping an eye on how many you rack up can be a neat move to keep your credit score in tip-top shape when you’re in the market for new credit.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A hard credit inquiry stays on your credit report for up to three years. This information is generally documented in Section 5 of the Consumer Reporting Act, which outlines the retention periods for such inquiries. If you’re concerned about how this impacts your financial health, consider exploring debt management plans.

From: OSB Helper

Related Questions to How Long A Hard Credit Inquiry Stays On Report

Here are the top 5 frequently asked questions related to the duration and impact of hard credit inquiries, formatted as requested:

1. How long do hard inquiries stay on my credit report?

Hard inquiries stay on your credit report for up to two years[1][3][5].

2. How do hard inquiries affect my credit score?

A hard inquiry can lower your credit score by about 5 points, but the impact typically lasts less than a year[1][3][5].

3. Do multiple hard inquiries in a short period affect my credit score differently?

Yes, multiple hard inquiries within a short period (e.g., 14-45 days) are often treated as a single inquiry for rate shopping purposes, minimizing the overall impact on your credit score[1][3][5].

4. Can I remove hard inquiries from my credit report early?

No, hard inquiries cannot be removed early and will remain on your credit report for up to two years[1][3][5].

5. Do hard inquiries affect all types of credit scores equally?

No, the impact of hard inquiries can vary between different credit scoring models, such as FICO and VantageScore, but generally, they are a minor factor in overall credit scoring[1][3][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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