In the credit lending industry, the more inquiries you have on your credit report, the less favorable you look to a creditor. The perception of multiple inquiries is that you are seeking a large amount of credit and are either in debt or are putting yourself in a situation of too much debt. The FCRA protects consumers from being penalized for inquiries that they did not initiate or request. For this reason, promotional inquiries and account management inquiries are not included on the business version that creditors with a permissible purpose can obtain. Inquiries also contain lists of the companies that receive your name and address information for the purpose of offering you credit.
Creditors make credit decisions.
Each creditor has their own formula for evaluating a credit application, and only the creditor can tell you why they made a decision. TransUnion does not grant or deny credit. Our role is to supply the creditor with the contents of the report, which they can review in order to assist them in making a sound decision. Many times, the decision does not have anything to do with your credit report, but instead is based on things like your income, length of residence, or employment. There are three ways to obtain a copy of your TransUnion credit report.