What is a ‘hard enquiry'?

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A hard enquiry occurs when an authorised person or company takes a thorough look through your credit history. Hard enquiries are usually carried out by credit providers in order to make a decision about an individual’s application for credit. When you apply for a loan, credit card or car finance, a hard enquiry will be recorded on your credit file, which may negatively impact your scores. Hard enquiries require express authorisation to be carried out. There will usually be a tick box that records your consent. Hard enquiries will be recorded on your credit file for 5 years. When you apply for a  Wisr loan , we remind you throughout the application process that a hard enquiry will be recorded on your credit file once you submit. We also ask you to tick a box to confirm you have read and understood all the T&Cs.  For most Australians, borrowing money or accessing credit is a necessary part of life. Whether it’s a mortgage, mobile phone contract or car loan, you can expect to have a handful of enquiries on your credit reports. But it’s a good idea to keep them to a minimum. The more enquiries on your file, the riskier you may look in the eyes of a lender and the lower your credit score will drop. You can check where your scores are sitting for free and without negatively impacting them on the  Wisr App .

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