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Credit Inquiry

oboloo Glossary

Credit Inquiry

Credit Inquiry: A credit inquiry is an assessment of a potential borrower’s creditworthiness. These inquiries are typically conducted by lenders, such as banks or financial institutions, to determine if a prospective borrower is likely to pay back borrowed funds. Credit inquiries can also be done by employers and landlords to evaluate the risk of entering into a business relationship with the applicant. A credit inquiry often requires an individual to provide details about their finances and other personal information, which is then used to generate a credit score that helps lenders decide whether or not to extend credit offers.

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