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If you apply for a consolidation loan but cancel it 2 days later before check arrives will it appear on your CR as an inquiry or account?
Stevenatkinson
There is a federal law referred to as the "Cooling Off Rule". It applies to the majority of lending transactions and in this instance would be valid. The consumer is given three business days to cancel the contract. If this was done, the transaction would not appear on the credit report. I respectfully disagree with the previous answer. "Cooling off" in this case applies to the loan itself, but not to the inquiry. Inquiries are routinely performed in conjunction with many applications that never result in an account being established. So, the consumer (most likely) gave consent for the inquiry, but then declined to open the consolidation loan. The inquiry can appear on your credit report, but the account should not. You have the option of requesting the lender to remove the inquiry as a gesture of good will.
Wiki User
∙ 18y ago
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