If you have a house and a car in your name, you will not be given a loan even if you check your credit score 100 times. If the personal credit report is checked more than 5 times a month, the user will basically not be able to apply for a loan. However, this number of inquiries only counts loan approval and credit card approval inquiry records. Post-loan management inquiry records and user personal inquiry records are not included. As long as users pay attention to the interval between loan applications, they will not have to check their credit report more than 5 times a month.

The importance of credit reporting

Credit reporting can institutionally constrain the behavior of enterprises and individuals, and is conducive to the formation of a good social credit environment. For banks, the emergence of credit reporting has made it easier for banks to understand their credit status. Banks hand over the credit information they hold to a specialized agency to compile it. This specialized agency will establish credit files and then provide them to each bank. use. This kind of activity of sharing credit information between banks through third-party institutions is credit reporting, in order to improve efficiency and save time.