Dispute Credit Report: Remove Credit Inquiry
To dispute credit report regarding removing credit inquiry, let's first take a quick look at what it is.
A credit inquiry is a record on your credit report.
Each time you apply for credit, a creditor or a potential creditor requests for a copy of your report.
And this activity will be listed on your report as an inquiry.
Credit inquiry impact on your report Although credit inquiry on your report only makes up about 10% of your score, it can still lower your score by many points, especially when you have many inquires within a very short period of time.
And depending on the purpose of the inquiry and the type of inquiry, it sometimes can drop your scores even more.
There are 2 types of inquires you should be aware of: Soft inquiry It's the one that you do not make the first move and does not have any negative impact on your score.
In general, soft inquiry is created by your creditors or business you have relationship with who are looking to give you more credit.
For example, the pre-approved credit card offer or service.
Another soft inquiry may come from your employer or potential employer.
They don't affect your score.
Hard inquiry It's the one that does have some degree of impact on your score.
It normally happens when you apply for new credit, such as a mortgage, a car loan, a credit card, a product you need to finance.
Having several hard inquiries during a short time frame can have a severe drop on your score.
However, inquiries from mortgages or car loans that occur less than 14 days are counted as just one inquiry.
While your credit inquiry continue to remain on your file for 2 years as of the date the inquiry takes place, not all the creditors will look at the 2-year credit inquiry history.
Some creditors only care about the past 6 months of inquiries and others do look for 12-month or 24-month inquiry history.
How to dispute credit report? Just like disputing other negative items on your report, you can also remove credit inquiries on your report by sending a dispute letter to the creditor with registered or certified mail and ask them to delete the unauthorized inquiry.
Many creditors will simply agree to remove the inquiry, but some creditors will ignore your request.
If you don't receive their reply within 30 days, contact them and address the issue again.
Compared with other key factors determining a good credit score, these inquiries have less impact on your report, but to the creditor, it is a good indicator of credit risk.
Therefore, it's wise to dispute credit report and remove credit inquiry as early as you can.
A credit inquiry is a record on your credit report.
Each time you apply for credit, a creditor or a potential creditor requests for a copy of your report.
And this activity will be listed on your report as an inquiry.
Credit inquiry impact on your report Although credit inquiry on your report only makes up about 10% of your score, it can still lower your score by many points, especially when you have many inquires within a very short period of time.
And depending on the purpose of the inquiry and the type of inquiry, it sometimes can drop your scores even more.
There are 2 types of inquires you should be aware of: Soft inquiry It's the one that you do not make the first move and does not have any negative impact on your score.
In general, soft inquiry is created by your creditors or business you have relationship with who are looking to give you more credit.
For example, the pre-approved credit card offer or service.
Another soft inquiry may come from your employer or potential employer.
They don't affect your score.
Hard inquiry It's the one that does have some degree of impact on your score.
It normally happens when you apply for new credit, such as a mortgage, a car loan, a credit card, a product you need to finance.
Having several hard inquiries during a short time frame can have a severe drop on your score.
However, inquiries from mortgages or car loans that occur less than 14 days are counted as just one inquiry.
While your credit inquiry continue to remain on your file for 2 years as of the date the inquiry takes place, not all the creditors will look at the 2-year credit inquiry history.
Some creditors only care about the past 6 months of inquiries and others do look for 12-month or 24-month inquiry history.
How to dispute credit report? Just like disputing other negative items on your report, you can also remove credit inquiries on your report by sending a dispute letter to the creditor with registered or certified mail and ask them to delete the unauthorized inquiry.
Many creditors will simply agree to remove the inquiry, but some creditors will ignore your request.
If you don't receive their reply within 30 days, contact them and address the issue again.
Compared with other key factors determining a good credit score, these inquiries have less impact on your report, but to the creditor, it is a good indicator of credit risk.
Therefore, it's wise to dispute credit report and remove credit inquiry as early as you can.
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