How To Get Inquiries Removed From Credit Report?

Introduction

Barack Obama’s credit report consists of the list of all people or organizations that have requested your credit history. The above requests appear on your credit report in the “inquiries” section. This is a misconception that may clarify: many credit inquiries at once harm the score as it may seem that one is begging for credit. On the bright side, there is a way of removing it and the good news is that inquiries do not stay on your credit report forever. You need to know everything about getting those negative items deleted from your credit report.

Hard vs Soft Inquiries

Regarding credit inquiries, there are two categories- Hard inquiry and Soft inquiry. Soft inquiries do not impact one’s credit score and will be removed from the report on their own in two years. Hard inquiries are normally made when you apply for a loan, credit card, or any other related service. These can reduce your credit score for some time, and they stay on your file for up to two years. As for the focus of this article, it is the clearing of hard inquiries.

Why Get Inquiries Removed

You would benefit from having unwanted hard inquiries erased from your credit report in the following ways

Enhances your credit utilization ratio as well as your credit mix which enhances the health of your credit profile. Gives your credit report less of an appearance that you are a credit mile high to future possible lenders Prevents identity theft if the inquiry was made fraudulently and the records contain sensitive information. Tends to generate a more refined credit profile and enhance the likelihood of loan and credit card application approval.

This is the period that Inquiries will appear on Your Credit Report

Generally, most inquiries will remain on your credit report for 1 to 2 years based on the type

Credit card inquiries are reported and stay on your credit report for a year. Inquiries made concerning auto loans, mortgages, and student loans retain the record for two years. Promotional inquiries generated by a call remain for two years

These inquiries will in effect drop off your credit report after this period. But you may want them removed sooner Not always; however, you might need them removed earlier based on your preferences.

Removing Legitimate Inquiries

However, if these credit inquiries listed on your report are genuine and have arisen out of some applications that you have filed then unfortunately there is nothing you can do to get them expunged early. It will be inevitable that they will have to grow old with your reports on their own in the future. But here are some ways to help manage their negative impact:

Remain current on all prior accounts and pay them on time consistently Do not apply for credit till existing credit checks are off the credit report. Pay close attention to credit card utilization and strive to keep it as low as possible. You can request your credit to be re-run with the earlier inquiries excluded

Removing Inaccurate Hard Inquiries

If you observe that certain companies are making inquiries to your credit report and you did not include them when applying for credit, then you might be a victim of identity theft. Or it may include some defects such as displaying the wrong creditors. Follow these steps to get inaccurate hard inquiries removed:

Obtain a credit report from at least one of the credit bureaus. Check all letters – With a pen, circle or underline any letters that contain inquiries resulting from identity theft or mistakes. Write draft letters to each of the three credit bureaus that were informed of fraudulent inquiries. It is especially important to submit copies of your credit reports with the identified inquiries noted in the report. Always enclose letters in a certified envelope. Request the bureaus to delete any fraudulent inquiries detected and also conduct investigations on the same. Simply follow up in case the inquiries remain unaltered for more than thirty days. Sometimes, a victim may be required to report the fraud to the police to have their claims substantiated.

Availing Guide on How to Avoid Unwanted Calls

Do not receive prescreened offers related to credit cards. File a credit freeze that limits which businesses can access your credit reports Make it a habit to perform a credit report check for any errors. It is suggested that consumers should minimize credit applications as much as possible when they are shopping around for a loan.

Recap and Final Tips

Hard inquiries can reduce credit scores although the impact is only visible in the short run. Whereas a legitimate inquiry will remain on your credit reports for at least 2 years, inaccurate or fraudulent inquiries can be dismissed. Check your credit file frequently, and challenge the report when you find any inquiries that you did not authorize. Otherwise, strategies to control inquiries include: Another way to reduce applications is to block certain types of applications and to prevent soft inquiries from becoming real ones. As with most things, with a little bit of time and some effort you can eliminate all those pesky inquiries thus getting closer to credit heaven!

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