Complaint / review text:
When opening an account with Navy Federal Credit Union they do a hard inquiry on your credit report. They don't inform the customer of this. As a result, your credit score is dinged. Hard inquiries occur when a financial institution, such as a lender or credit card issuer, checks your credit report when making a lending decision. For example, hard inquiries commonly take place when a consumer applies for a loan, credit card, or mortgage. You typically have to authorize a hard inquiry. Most important to note, hard inquiries will lower your credit score by a few points and remain on your credit report for two years. As time passes, the damage to your credit score will decrease until the hard inquiry falls off your credit report.