Hi,
I work in the retail credit business (credit cards, loans etc.) and I can tell you that yes it is a fact, if you have a lot of credit inquiries on your credit file, it will affect your credit rating. Having a lot of inquiries shows that you are looking for financing a bit too much.
But do not mix inquiries due to many credit applications you have filled out and yourself requesting your credit file to the national credit bureau (here in Canada, it's called Equifax and TransUnion) for your personal information... When you request your personal credit file from one of these agencies, it doesn't generate an inquiry, so doesn't affect your credit rating.
Alex