- 1 Credit Inquiries - Should I Remove?
- 2 How to Remove Credit Report Inquiries Fast
- 3 3 Ways to Remove Inquiries for your Credit Bureau
- 4 How hard credit inquiry removal works?
- 5 How To Remove Hard Inquiries From Your Credit Report and do it fast.
Credit Inquiries - Should I Remove?
Should I try removing credit inquiries from my credit report?
You may have found some inquiries on your credit report, and are wondering if there is any cause for concern.
The first thing you should understand is where these inquiries came from. Inquiries happen when companies run your credit report for various reasons.
It could be the company you have applied to work for, or financial intuitions that have an interest in knowing more about your credit history. They can even be placed in your file if you have responded to an offer for credit through the mail. Not all these are harmful though.
Removing credit inquiries automatically takes place periodically, but if there are frequent inquiries of a certain kind, then there could be a problem. These could appear like a pile of question blocks stacking up.
Some feel that it is important to remove them from their credit report. The fact is that it would be better to wait to initiate removing credit inquiries. Why do I say that?
Difference Between Hard and Soft Inquiries
A hard inquiry is where a lender is checking your credit because you want to borrow money. Examples of this is when you apply for a loan to buy a car, house, or even furniture. The creditor is taking a close look at your ability to pay the loan.
A soft inquiry is where a business may be looking at sending you an offer. Examples of these are credit card companies. They only want to mail offers to those who fit their profile. Another example is when you check your own credit. These type of inquiries don't affect your score.
But if you have too many hard inquiries in a short period of time, that could have an impact. Even though it may not be a big impact, still if your score is already low, that's a problem.
Possible Reasons for Removing Credit Inquiries
Not all inquiries actually affect you. So you need to be sure what type they are. Here are some reasons you may wish to ask them to be removed:
- Have too many hard inquiries and would like to go into debt for a car or home, it may appear to a creditor that you are hungry for credit or that you may be in trouble financially.
- When you have too many hard inquiries, credit grantors are apt to believe that you have an imbalance in the ratio of debt-to-income.
If you do not wish to wait for these inquiries to be routinely removed from your record, you can begin appropriate steps for removing credit inquiries. You can do this by sending a credit repair letter to each creditor listed on your report as a hard inquiry.
It is up to them whether or not they remove the hard inquiry from your record. If you would like a sample of such letter, go to my credit repair letters section of this website.
How Inquiries Affect Credit Score
I had a client who had given permission to a used car dealership to check his credit. This caused his application for a mortgage to be denied.
Unfortunately, the used car dealership ran inquiries every week for several months to see if his credit had improved. This appeared as several hard inquiries on his credit report.
He hadn't given the used car dealership written permission for these several inquiries! Yet the used car dealership took that one signature and used it several times.
This disqualified him for a mortgage because he had too many hard inquiries. It had lowered his credit score dramatically.
So just be aware of how these can affect you. When you want to buy a home, don't jump the gun and go out and apply for a car, furniture, appliances. you know what I mean. Get the home loan first.
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How to Remove Credit Report Inquiries Fast
When you apply for a new loan or credit card, the lender checks your credit report to help determine whether or not to issue you an account. Each time this happens, a notation is made on your credit report showing that a lender accessed your credit report. Having several credit inquiries on your credit report in a short period of time can have a negative impact on your credit score and keep you from getting the credit you want. It's likely you want to find a way to erase those credit inquiries quickly. However, eliminating the marks quickly is not as simple as it seems.
Review your credit reports closely. Determine whether each credit inquiry was the result of a credit application you pursued. If you find inquiries that you didn't authorize, make a notation on your credit report.
Make two lists: inquiries that you authorized and ones you didn't. You will handle these separately.
Start with the list of unauthorized credit report inquiries. Draft a letter to each of the big three credit-reporting companies (TransUnion, Equifax and Experian) stating that you didn't authorize an inquiry into your credit report and they must remove the fraudulent listing in accordance with the Fair Credit Reporting Act. Close the letter by asking them to send you an updated and corrected credit report within 15 business days.
Draft a goodwill letter for your valid credit inquiries, kindly asking the credit-reporting agencies to remove the inquiries from your reports. Be sure to include that you're trying to rebuild your credit and that this would help the process. Also ask for a response within a reasonable amount of time, perhaps one month.
Continue building positive credit in other ways. Credit inquiries can hurt your overall score, but other factors such as payment history and the balance on your accounts count more toward your overall credit score. Make a plan to pay your bills on time and reduce your overall debt and you'll soon find that your credit score increases, with or without the credit inquiries on your account.
3 Ways to Remove Inquiries for your Credit Bureau
3 Ways to Remove Inquiries for your Credit Bureau
If you're trying to figure out how the remove inquiries from your credit report, chances are you have already pulled your credit score, reviewed your hard inquiries and maybe even contacted the companies responsible, but haven't gotten very far. Unfortunately, this is because the companies you are dealing with don’t want to remove inquiries. Although technically hard inquiries should only occur if you have given your permission, it doesn’t always work that way. Because the onus is on the company that performs the check to prove you authorized it and in most cases they can't, the best way to deal with you is to ignore your requests to remove inquiries that they can’t prove.
The ugly truth is that many businesses count on the fact that you don’t have the time to check in daily, making it much easier to ignore the problem (you) until it goes away. So, what should you do if you’re trying to fix your credit score and don't see results?
Hire a professional to remove hard inquiries Inquiry Busters works for you, and because uncooperative businesses take of advantage of your busy schedule by making themselves unavailable, you need someone knows how to remove inquiries and can pick up the phone every hour.
Approach the credit bureau directly If you are working on your own, 30 days after your first message, email, or letter to the company in question, you should contact each of your three bureaus directly, fill out an official dispute and state that you requested to remove inquiries and were ignored.
Hire a lawyer to handle the issue for you Although lawyers are effective, they're also expensive, and it might not be the best idea to hire a lawyer to remove inquiries unless the company that you’re dealing with has performed a number of unlawful checks that you can prove damaged your credit score. Remember, if you will pay out more money than you stand to gain after you remove inquiries from your bureau, consider what you can realistically afford - an inquiry removal team will always be less expensive, but can’t provide any kind of settlement.
How hard credit inquiry removal works?
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How To Remove Hard Inquiries From Your Credit Report and do it fast.
Hard Credit Inquiry Removal is one of the most effective and fast strategies to boost your credit score. Please contact us if you need hard credit inquiry removal. Here is a wonderful example of hard credit inquiry removal. This particular credit report came to us a few days ago. As you can see on July 28 this client had 22 hard credit inquiries, on August 8 10 hard credit inquiries were removed and the credit score went up 24 points. We can remove hard credit inquiries from your credit report relatively fast. Removal of hard credit inquiries almost instantaneously increases your credit score.
Here is the best way to get rid of hard inquiries from your credit report:
This may be your first time hearing the word “credit inquiries”… don’t be alarmed this topic is becoming more and more popular… As credit card use is on the rise so are these notorious “credit inquiries” Every time you give a business permission to run your credit while applying for financing in some way, you will most likely get a hard credit inquiry. Too many of these hard credit inquiries and your credit score will be affected for the worse. They can even stay on your credit report for up to two whole years. It is in your best interest to get these removed asap.
Do I really need to get hard credit inquiries removed?
No, of course not. No one will make you remove these hard credit inquiries. But the question is do you want your credit score to be at its best? If so, then you surely want to get these removed. In the grand scheme of things hard credit inquiries only play a minor role impacting your overall credit score. But these little inquiries can make a big difference depending on how many you have and what you are trying to do…
What is a hard credit inquiry?
Each time you apply for credit for the first time you will receive a hard credit inquiry. You receive these because the creditor pulled your credit profile and it is a way of tracking the way you use your credit. For example: if you have too many inquiries it will show the credit bureaus that you are looking to get a high credit limit. This can lead to many other questions… Basically, it can be perceived that you are a risk with too many of these inquiries in just a short amount of time. Now that is just one example. That is why it is best not to have too many of these inquiries and even get them removed right away.
There are two kinds of credit inquiries
- Hard credit inquiries show up on your credit score whenever you apply for credit for the first time and you give permission for them to pull your credit. These inquiries affect your credit score.
- Soft credit inquiries happen when your credit is checked after the first time. Credit card companies will do this to see if you qualify for certain credit cards and so forth. That is why you get “pre-qualified” letters from credit cards in the mail. It does not mean that they did a hard pull on your credit, but they have just checked your credit profile.
“I have a lot of inquiries, is this hurting my credit score?”
- Unfortunately, yes. Too many inquiries will lower your overall credit score and you can even be automatically denied because of them…
- Having too many inquiries can raise a lot of questions to potential creditors. The basic question is why do you have all these inquiries? Unfortunately, you cannot explain yourself when they do a hard credit pull. Most of the time it is automated and it is just a fact that you have these inquiries… That is why it is best to get them removed to eliminate all possible doubt with your potential creditors.
How To Remove Hard Inquiries From Your Credit Report:
Keep in mind that all credit inquiries must be removed from your credit report after 2 years. If you do not have any plans on using your credit for anything serious in the next two years it might just be best to wait. But if you do plan on using your credit relatively soon, then it is wise to get them removed. Here is what you can do to get started:
Get access to your 3 Bureau Credit Report. There are numerous credit monitoring websites out there that can provide you with your three bureau credit report. Find the one you are most comfortable with and take some time to review that report. You will want to find the section that says “inquiries” Don’t worry, you will not get a hard credit inquiry for just ordering your 3 bureau credit report…
Get the address for each of the hard credit inquires. Some credit monitoring websites will provide the address freely, others will not. You need to get the addresses to your hard credit inquiries one way or another. It is a necessary step to begin the dispute process. If you have difficulty finding the address, try using a different credit monitoring website. Last case scenario, you will want to try and call the credit bureaus yourself.
Draft a letter to each of the creditors asking them to remove your inquiries. The Fair Credit Reporting Act only permits authorized inquiries to show up on your credit report. You will want to challenge them in a sincere way and ask for proof that you gave them permission to give you a hard credit inquiry. If they cannot provide proof, according to The Fair Credit Reporting Act, they must remove that inquiry…
Some creditors will provide data showing that you gave them permission. You will want to observe these documents very closely and look at the facts. Many times there can be irrelevant, wrong, or strange information. If that is the case stand firm and try to make your point. If they are unwavering you can let them know you will contact the State Banking Commission. Make sure to send your mail via certified mail so you will know when they receive it. They can ignore you and if they do that will be even more grounds for you to get your inquiry removed.
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Starting Credit Repair and Hard Credit Inquiry removal.
If your credit ratings have been taking a beating it is time to do something about it. It is essential that you come to a stop and assess your debt situation. Bear in mind that your credit rating affects various aspects of life. Making it possible to:
Therefore, if you suffer from bad credit and a lot of hard credit inquiries life may get tough…
Various financial institutions, real estate agencies, and even potential employers use your credit score to make a final decision. So, what can someone do to help eliminate bad credit? Well, this is where hiring a credit repair firm like Credit Repair Co may come in handy, where professionals work with you to help to:
- save you money
- lower interest rates on loans
- and gain better financial position in the future.
Why hire Credit Repair Co to remove hard credit inquiries?
When you sign up for a credit repair service like Credit Repair Co, you are allowing professionals with years of experience in the field of financing and budgeting to take charge of working with credit bureaus and creditors on your behalf. Not only does this help you step-by-step in improving your credit score. It also helps you resolve financial issues. They even offer a 3 year warranty for making sure that your credit remains clean.