Final answer:
Hard and soft inquiries do not have the same impact on a person's credit score; hard inquiries can lower it, while soft inquiries do not affect it. The statement is false.
Step-by-step explanation:
Hard and soft inquiries have different impacts on a person's credit score. Hard inquiries occur when a financial institution, such as a lender or credit card company, checks your credit when making a lending decision. They require your consent and can slightly lower your credit score if there are too many inquiries in a short period. Soft inquiries, on the other hand, may occur without your direct permission, such as when you check your own credit score or a company does so for a background check. These do not affect your credit score. Therefore, the statement that hard and soft inquiries have the same impact on a person's credit score is false.
Lenders make credit decisions based on a fair assessment of facts from your past and present financial behavior, without consideration of personal attributes like race, gender, or religion. While a bad credit score can be the result of past mistakes, it does not have to haunt you forever, as it is possible to take steps to improve your credit score over time.