Multiple inquiries when shopping for an car loan

Dear Experian,

I went car shopping one day and now there are lots of inquires that say they will be on my credit report until 2015. Is it right for all these inquiries to be on my report so long from just one day of shopping for a car?



Dear RLM,

When shopping for a car, it is common for auto dealers to submit your information to multiple lenders in an effort to find the lowest interest rate and most favorable loan terms. This practice allows you to benefit from lenders competing for your business. The same practice is used for mortgage lending.

Experian lists each inquiry that is made into your file for two years, so that you have a complete record of who has reviewed your credit history. However, you don’t need to worry about inquiries for auto and mortgage loans affecting your credit scores.

Lenders recognize that shopping for only one car or mortgage does not mean you are trying to open multiple new accounts. Credit scoring systems have been designed to account for that practice and include rules such as counting the same type of inquiry as only one inquiry as long as they are made within a short period of time.

This enables you to shop for the best rates for a car or home loan without your credit scores being impacted as a result of multiple inquiries.

Thanks for asking.

The “Ask Experian” team

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