How To Get Rid Of Inquiries On Credit Report?

Introduction

Inquiries are when other creditors ask the credit bureaus for a copy of your credit report when you apply for credit. Applying for too many credit lines or credit products in a short span also brings down your credit score as it may depict that you are in eager need of new credit or a loan. However, the erasure of actual inquiries can be a challenging task, especially for legitimate inquiries. Below are the best methods that you can use to avoid inquiries on your credit reports.

Check Your Credit Report

The first step in approaching credit repair involves acquiring copies of credit reports from the three credit reporting agencies: Equifax, Experian, and TransUnion. Check all the complaints and prospects to filter out revenue calls from genuine ones, fake calls, or scams. It is important to understand that inquiries from lenders with whom credit was sought cannot be deleted even if the lender is not extending credit unless a violation of reporting rules has taken place. However, any inquiries that have come about due to identity theft or fraud, the user can easily dispute so that they can be deleted. Cross-tabulate the questions in the three reports where appropriate to search for discrepancies or mistakes.

Reject Any Inaccurate or Fraudulent Inquiry

In case you come across any unfamiliar transactions in your reports, it is wise to fight the credit bureaus that frantically compiled the list. When supplying data that the inquiries stemmed from fraud or identity theft, ensure the statements are backed up by evidence and documents. There are three major credit bureaus and by law, all of them must investigate disputes within 30 days. If it is deemed inaccurate, unsubstantiated, or fictitious, the bureau has to delete the inquiry from your file. The communications should be done through certified mail and one should ensure that he or she maintains a record of the letters he or she has written. If not satisfied with the investigation or resolution provided by the credit bureaus, you can escalate your complaint to the Consumer Financial Protection Bureau.

Place a Credit Freeze after your Reports have been cleaned

After you get preliminary results regarding any inaccurate, fraudulent, or unauthorized inquiries, you should freeze the credit file with each credit bureau. A credit freeze locks your credit report so that no lenders or creditors can access it to open any accounts. This assists in avoiding other fraudulent inquiries or the use of your identity to open new accounts in the future. Just remember not to freeze your credit right before applying for other new credit that is bona fide and you wish to acquire yourself. Credit freezes are as simple as to put up, lift, or remove online, or through phone at any time free of charge.

Request from Creditors that They Pull Your Credit Report Again

If credit inquiries from other credit applications that you recently made are having negative impacts on your scores, kindly request these creditors to check your credit reports again and provide updates or replace the original inquiries instead. The inquiries of any new credit or loan may affect the credit scores of an individual for 12 months or more. However, FICO scoring models take advantage of the concept that all credit inquiries that occur within a short period and are of the same nature, all count as one inquiry instead of many individual inquiries; for example auto loans, mortgages, etc. You must request creditors to effect a fresh credit report and scores as if you are anew applying for credit. This replaces earlier inquiries with a new single inquiry which will reduce the number of impacts to your scores.

Wait patiently for the customers to make inquiries because they will be dropped off at a go.

It briefly reduces your credit score as a recent credit inquiry is not good for your credit history though its influence reduces as time goes by. All credit-related inquiries disappear from credit reports after 24 months by law in case it is not removed by the credit bureau. Another factor that is worth mentioning is that the effects of inquiries on your credit scores reduce over time normally disappearing altogether within the first twelve months of application. The only effective way to immediately stop receiving such inquiries is if some reporting standards are breached. Otherwise, keep good credit, avoid applying for credit for a while, and let the inquiries self-cancel as per the industry practices for credit bureaus.

Almost always include positive lines of credit to offset inquiries

It is advisable to keep your credit mix as diverse as possible and always ensure that the amount of money you owe on your credit cards and loans is as little as possible while at the same time ensuring that the inquiries made on your credit reports are as few as possible. Make payments on inquiries that left dings by securing new positive credit references such as secured credit cards or credit builder loans. On-time payments also create a more positive payment history which is useful in the continuous payment process. This is because when you have a higher credit score than the required one, then the probability of getting credit approval is high. Moreover, a positive credit history of at least the last two years reduces the impact of credit checks on the credit report by spreading out the negative impacts over the 24 months it takes for them to expire.

Conclusion

Oftentimes, credit inquiries trigger alarms of financial mismanagement and desperateness thereby reducing credit ratings for a while. However, they have found out that being inquiry-free does not necessarily mean you get better credit scores. First, it is advisable to challenge all the accounts that the credit report claims were used without an individual’s authorization or were fraudulently opened then work on creating a good credit history file and using the available credit responsibly and in a sustainable way in the future. This is nonetheless a positive lasting effect that can be said to be a strong counterpoint to the transient nature of legitimate inquiries that do not endure beyond a specified time. Be patient and allow inquiries to be time-barred so that they are no longer reflected on the credit report.

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