Credit inquiries

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  Victoria Mitchell 1 year, 5 months ago

  Credit inquiries

  My husband has gone from being a full time employee to a contractor. He is a cyber security specialist. We pay our bills ahead and are in the process of paying off debt. I took a look at his monthly credit report as part of capitalone’s new service and despite paying off debt, his score went down. One of the main reasons was ‘too many inquiries ‘. I’m assuming it’s the projects doing a hard check on his credit. How can we stop this and insist on a soft check or protect his credit from unnecessary hard checks?
  Thank you!
  Victoria

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  Laura Handrick
  

  Moderator

  

  1 year, 5 months ago

  Hi Victoria,

  Thanks for posting your question. How frustrating. Going from an employee to an independent contractor has some drawbacks. Yes, hard checks against your husbands credit do hurt your credit report. Has he considered opening his company under a business entity with an EIN rather than using his SSN? You may want to read this. https://fitsmallbusiness.com/what-is-an-llc/

  Here’s information on business credit reporting: https://fitsmallbusiness.com/business-credit-report/

  Your best bet at this point is to have him call each credit company directly and find out what their process is to dispute the credit score as you have opened no new credit. He will need to make the call, since they’re unlikely to give you (even as his spouse) information on his account.

  Best of luck to you. I hope his contracting work goes well.

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