There are two types of inquiries that a company may make into your credit record,i.e. “‘hard inquiry” or “soft inquiry”.

If a company makes a  hard inquiry into your credit record,it will damage your credit score temporarily.Your credit score may be damaged only by a hard inquiry while a soft inquiry does not affect your credit score.

If you are planning to get a mortgage or you need a car loan then in this situation even a few points difference in your credit score cannot be ignored and this small difference in your credit score may magnify into a considerably big change. So we need to know that how can we decide whether the inquiry is going to be “hard” or “soft”?

Whenever,a person or organization has to take decision on lending you money,in this case they would make a hard inquiry into your credit record.If you apply for a credit card or need to  get approved for mortgage loan or apply for a car loan,all these cases would lead to hard inquiries into you credit record. From a credit union’s point of view, these inquires into your credit record may be divided into different categories. Trans-Union terms these inquiries “regular inquiries,” Experian terms them “requests viewed by others,” and Equifax terms them “Inquiries in the last 12 months”. Normally, hard inquiries may temporarily bring your credit score down by a few points. After six months, their effect is removed.

All inquiries other than that have been discussed above may be categorized as soft inquiries. Soft inquires are usually used by a person or organization when they do not have to make a lending decision. However, this is not a hard and fast rule, not all the companies do this; exceptions to this may also be seen. Prospective employers and landlords will use soft inquiries to appraise your financial risk. Banks usually use them for confirmation of your identity. Mortgage lenders or credit cards base their decisions on soft inquiries into your credit record to pre-approve you for a loan or a card. When you check your own credit history, this is also regarded as a soft inquiry.

Apparently, differentiating between hard and soft inquiries seems quite simple, but this is not actually the case. In your view, applying for a checking account might be a soft inquiry. It is, in fact, a hard inquiry. Someone on a forum I visit regularly has prepared a list of financial institutions that make hard inquiries when requesting you credit history and credit score for reasons other than loan approval and credit card. This list may be very helpful to a common man who does not have much knowledge about financial matters.

This list of those financial institutions that make hard inquires is given below:

A

• ATTWS – Equifax
• AT&T – made a hard inquiry on TransUnion for current customer moving from CA to OH initiating “new” landline
• Ameriprise Insurance (division of American Express) – would make a hard inquiry for car insurance quote (Equifax)
• American Express Co. – made a hard inquiry on Experian for a One Financial account with no margin (savings/combination brokerage).

B

• Bank Of America – would make a hard inquiry if you apply for a savings account.
• Bank Of America – made a hard inquiry on Experian for MM savings account
• Bank of Atlanta
• BB&T – made a hard inquiry on Equifax for a checking account.
• Brookline Bank – made a hard inquiry on Experian for a checking account.
• Bank of America – made a hard inquiry on Trans Union for a checking account.
• Bank of New York – made a hard inquiry on Experian for a checking account and a savings account.
• Bank of America – made a hard inquiry on Experian for a checking account.
• Bank of America – made a hard inquiry on Trans Union for a CD account that is opened online.
• Brown & Co. – would make a hard inquiry on each account that you open with TransUnion.

C

• Charles Schwab Bank – made a hard inquiry on Equifax for opening new checking and investor account (with no margin option)
• Charter One Bank – made a hard inquiry on Equifax for a checking account under the name St. Paul Bank Corp.
• Chase Manhattan Bank – made a hard inquiry on Trans Union for a checking account.
• Citibank – made a hard inquiry on Equifax (for opening 6-month CD)
• Citibank – made a hard inquiry on Trans Unions for a savings and checking account opened at the same time.
• Citibank – makes a hard inquiry for opening e-Savings account
• Citizens – checking – Equifax
• Clackamas Community Federal Credit Union – makes hard inquiry for CD and savings accounts
• Catholic Federal – made a hard inquiry on TU for new membership and opening of new checking account.
• ComED
• Cingular Wireless – made a hard inquiry on Equifax.
• Countrywide
• Comcast cable TV and HIS
• Costco AMEX car insurance – would make a hard inquiry for car insurance.

D

• Directv
• DishNetwork
• DCU (Digital Federal Credit Union) – makes a hard inquiry on Equifax when applying for membership.
• Dollar RENT A CAR (see Thrifty below)

E

• Everbank – would make a hard inquiry on Experian for a checking Account, as well as for a Money Market one.
• Ebank – checking – Equifax

F

• Fifth Third – makes hard inquiry on Opening a Checking Account
• Flagstar Bank – Checking – makes hard inquiry on TU
• Financial Center Credit Union
• Fidelity – LionBank (Not Fidelity Investments)

G

• GMAC Bank – would make a hard inquiry on TU for their MM savings account

H

• HARRIS BANK — CD

I

• ING Direct – When you open Electric Orange checking account, they will make a hard inquiry on Equifax to evaluate the overdraft credit line limit for you. While there would be no hard inquiry for opening Orange Savings account.
• Indiana Members Credit Union

J

• Johnson & Johnson by Yale & Associates on Experian- employment

L

• Local gas & electric utility (We Energies – Wisconsin)
• Local Toyota dealership- will make a hard inquiry on cash transaction
• Local Nissan dealer (Coral Springs Nissan Auto Mall) would make a hard inquiry on browsing their inventory.
• Local Honda dealer- check + 5K credit card

M

• Mechanics Bank (sf) – made a hard inquiry on from Equifax for a checking account.
• Muriel Siebert & Co. – made a hard inquiry on Experian for a brokerage account without margin.
• Marquette National Bank — checking, savings, CD and safe deposit box
• Meadows Credit Union – made a hard inquiry on Trans Union for a checking account.

N

• NASA Federal Credit Union – when applying for membership – Equifax hard pull
• National1St Credit Union – When opening an account/CD etc – Experian had pull

P

• Pentagon Federal Credit Union
• Provident Central Credit Union, Bay Area, CA – When opening an account – Experian hard pull
• People’s Gas
• Principal Bank – made a hard inquiry on Equifax for a checking account, also makes a hard inquiry for money market account according to CSR.
• Presidential Bank – made a hard inquiry on Equifax for a checking account under the name Presidential Savings.

Q

• Qwest

S

• Schwab – hard enquiry on Equifax for a checking account.
• SCOTTRADE – hard inquiry on Equifax
• Salem Five – made a hard inquiry on Equifax for a checking account.
• Suntrust – makes a hard inquiry on Equifax for opening of a checking account
• State Farm Auto Insurance – makes a hard inquiry for getting an auto insurance quote.
• Sprint – Long Distance for having them as the LD provider on a home phone.

T

• T-Mobile for mobile phone service on Transunion or Equifax
• Thrifty RENT A CAR would make a hard inquiry prior to rental
• TD Waterhouse/Ameritrade – made a hard inquiry on Equifax on an existing customer to open IRA

U

• US Bank ( online / phone only. soft pull when opening in branch)
• UFBDirect.com – 3.30% on High Yield Money Market Savings

V

• Verizon – landline, DSL, or VoIP (on Equifax or TransUnion). Also for new Mobile phone account.

W

• Wanigas CU – Pulls to become Member, makes a hard inquiry for Checking – Experian
• Wells Fargo (Whenever you make any changes like changing address on your account and adding additional account holder, changing your account from regular to advantage account etc, their Credit department will make a hard enquiry on Experian ).
• Wachovia-Trans union would make a hard inquiry (or Equifax in some cases) for opening a checking account

Banks which do not make hard inquiries are:

• Amalgamated Bank
• FNBO Direct
• PNC Bank (for opening a free checking account)
• Washington Mutual
• U.S. Bank (in-branch visits only)
• soft pull in Equifax Valley National Bank of NJ
• Countrywide Bank FSB

This list has been compiled from empirical data. Reviewing this list may help you make your credit decisions.

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