Well, to level up or gain higher ranks you would earn XP. One of the methods to earn XP would be to correctly answer/ask questions in an investigation. If you don't get most of the questions right, you lose out on some decent XP to rank up. But there are no serious implications as far as I can recall.
XBOX 360: Great Solstice | PC/STEAM: souluser7 | PC/XFIRE: Great.Solstice