Reviewed by Aug 27, 2020| Updated on
An account inquiry is defined as the review of financial accounts, be it a credit account or a deposit account.
What is Account Inquiry?
Account inquiry, in terms of a savings/current account, is a run-through of the available balance and a list of recent transactions (both credit and debit) done through the account. If the inquiry is made for the sake of a credit facility, it is called credit inquiry.
Credit inquiries can be performed upon a request from a lender, bank, or other financial companies that are in need of a copy of the account history when a consumer or institution applies for a loan.
Highlights of Account Inquiry
A review of financial accounts is known as account inquiries.
Typically, account inquiries are made when a requester receives a credit request from individuals or consumers.
Too many credit inquiries of an account may hamper credit score.