Credit inquiries

[CC571]

I opened a Fido account for my daughter 6 months ago and I've just noticed that 3 credit checks were done and there 

are 3 credit inquiries on my credit report, so my credit score has gone down 100 points.  I am trying to get at least the 2 additional inquiries removed.  It's really shocking to me that this has happened.  If I had known that Fido was doing hard credit checks and that these would have this impact on my credit score I would never have signed up in the first place.  If I shut down the account and find my daughter another carrier, will all the credit inquiries be removed from my credit report?

[CC571]

Yes, I have spoken to someone in the Credit Operation department and they are looking into it for me.  But even if they remove 2 of the 3 inquiries that will still leave one in place.  I think that Fido has a responsibility to tell its new customers that taking steps to get a Fido contract will hurt their credit score. 

[Cawtau · Accepted solution]

Hello CC571,

  Welcome to the community!

  To clarify, a credit evaluation would be required anytime a new customer applies for any type of service or device finance contract. The same would have happened with the other providers as well when applying for post-paid services and/or device financing. No business is going to provide those services/devices without determining whether a potential customer is able to pay for said services or devices beforehand.

  If you do not wish for additional credit evaluations, you would need to opt for pre-paid services. With those types of plans, the money needs to be in your account prior to you being given access to services. Since you pay before you use the services, there is no need for a credit evaluation. You should note that most pre-paid offerings do not allow for device financing so you would need to purchase a device outright or bring your own device (BYOP). For those pre-paid offerings which do also allow for device financing, a credit evaluation would be required for the financing.

  If your account had been established for some time with Fido, adding a line to your account might have had an internal credit evaluation (soft check). However, opening a separate account for your daughter would have required the full credit bureau evaluation since she would be responsible for that account.

Hope this helps 😀

Cheers

[Ziggy6515]

This is just wrong. I also moved to Fido this January and they did a hard credit check. I immediately dropped from excellent to very good loosing 40 points. No one advised me that a hard check would be done. I am a landlord and I am doing soft checks on potential tenants all the time and I am getting more information than I need. Pretty much everything. For a mortgage or bank loan I do understand but not for a phone plan. I've been with many service providers in the past few years just recently with Bell and it wasn't prepaid service.  This is probably the very last time I am dealing with Fido for this particular reason and I am telling everyone to be very cautious signing up with them.  Loosing my excellent score has a serious impact on my finances when it comes buying another rental property. And for what? A phone plan? This is insane what Fido is doing. A soft check would have shown them my score is excellent besides all my loans and mortgages. I am very disappointed.

[FidoAllan]

Hey @CC571! 

If you a potential new customer with Fido, the credit bureau evaluation is a hard inquiry on your credit file. There will be no credit bureau evaluations once you become a customer. 

For further inquiries about your situation, we invite you to contact us so you can speak with our Credit Operations team.