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]

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

[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

[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.