How to remove inquires?
How to Remove Inquiries from a Credit Report?
Credit scores differ from time to time depending
upon the activity of the individual, like payments and transactions. Sometimes,
there will be errors on your report that are beyond your control, like hard
inquiries and lines of credit. If you take observe a sudden
decline in your credit score, even if just by a
few points, you may be enduring the impact of a sudden credit inquiry.
Credit
inquiries are implemented when a creditor requests your whole credit history
from one of the credit reporting institutions. These
sudden inquiries into your credit history can have a negative impact on your
credit score and will remain on your report for up to two years.
The time duration for the inquiries is because they
indicate the number of times you have applied for credit. Creditors use how
many times you have applied for credit to decide if you
should be approved for an extension of credit.
At specific times, an unapproved inquiry can be
eliminated from your credit report by sending a credit inquiry removal letter
to the credit reporting company or by filing a dispute online.
What Is the Difference Between Hard and Soft Inquiries?
Despite there being no difference between the
information of a soft and a hard inquiry, the way they impact your credit is
different. A myth is to believe that checking your own credit history decreases
your credit score. The checking on your
own credit history is known as a soft inquiry and it does not appear on your
credit report or impact your score.
Hard inquiries, on the other hand, arise when a
creditor demands to see your credit history. He may do so after receiving your
application for a
new loan, a new credit card or any line of credit.
In
addition, banks and property managers may obtain your credit when structuring
your accounts or deciding on an agreement for an apartment.
One in a while, a hard credit report can at times
be acquired without your knowing of it, your permission or your complete
understanding. Hard inquiries that were
implemented without your permission can be eliminated from your credit report
under the Fair Credit Reporting Act.
What Effect Do Credit Inquiries Have On Your Credit Score?
Hard
inquiries are responsible for at least 10% of your credit score.
Though the effect of the inquiry on your credit score is not definite, it will
differ on the factors of your credit history and current credit position.
Generally, you notice a one to five-point decrease in your overall credit
score.
The precise effect of the inquiry on your credit
score will differ mean that you can observe consecutive decreases in your score
as these inquiries pile on. At times, the creditor will accidentally retrieve
your credit, pull your credit several times or do it without your knowledge of
the action in any way.
Can We Remove Inquiries from The Credit Report?
Hard inquiries can be eliminated from your credit
history if they were implemented without approval. If you were not aware of the impending inquiry, you attain the right to
demand the inquiry be removed.
You can remove a hard inquiry if:
·
The inquiry occurred without your
knowledge
·
The inquiry occurred without your
permission
·
The number of inquiries was more than
you expected
How to Send for an Inquiry Removal
To send a credit inquiry removal letter, you should
communicate with any credit reporting company that is responsible for reporting
the inquiry. These letters can be sent to both credit reporting companies and
the creditor who pulled the credit inquiry.
1.
Send
the credit inquiry removal letter via certifies mail.
Certifies mail is a method in
which the letter or package sent or received by you is recorded. This type of
mail will provide evidence that the credit issuer or the lender received the
proper notice to eliminate the hard inquiry.
2.
Inform
the creditor in the initial stages.
Make sure you bring it to your
lender’s notice before dispatching your dispute, in case they decide to take it
further to court. This is the official initial step for the elimination of hard
inquiry.
3.
Attach
a duplicate of your credit report.
Including the supplicate of your
credit report will outline the unapproved hard inquiries and ma aid you in your
dispute. Despite the credit reporting companies having easy connection to your
credit report, the hard copy you send will aid the investigators when dealing
with your dispute.
4.
Send
the letter to the applicable credit bureau
It is necessary for you to send
your letter to the credit bureau in charge of reporting the inquiry on your
credit report. Mentioned below are the mailing addresses of each bureau:
Equifax
P.O. Box 740256
Atlanta, GA 30374-0256
Equifax Dispute Information
Center
Experian
P.O. Box 4500
Allen, TX 75013
Experian Dispute
Information Center
TransUnion LLC
Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
TransUnion
Disputes Information Center
Credit Inquiry Removal Letter Template
Date
Your name
Your street number, street name
City, state, zip code
Your phone number
Social Security Number
Name of credit bureau
Re: Reporting Unauthorized Credit Inquiry
To whomever it may concern,
I am writing this to appeal for the elimination of
an unauthorized credit inquiry/inquiries
on my (name of credit bureau- Equifax,
Experian or TransUnion) credit report. My most recent credit report shows (number of hard inquiries you are disputing)
credit inquiry/inquiries that I did not permit.
I am writing this to dispute the mentioned
inquiries and request their immediate elimination.
Item
No. Creditor Account
I request that you
please eliminate these/these inquiries/inquiry
from my report within 30 days so as to not further damage my credit score.
Thank you for your
assistance.
Sincerely,
(Your
Name)
How to Remain Vigilant of Negative Inquiries?
Disputing and having
derogatory marks removed your credit report is a time-consuming aspect of
credit. Which is you must prevent these negative items beforehand and not allow
them to pile up.
If you decide you
require further help, you can contact us at the Blackwater Credit Repair so
that our credit
repair services may aid you in pursuit of a strong
credit report and a well-built credit score.