Dispute Credit Report: Understanding Credit Inquiry Removal Better

Dispute Credit Report: Understanding Credit Inquiry Removal Better

Most people tend to place more focus on credit inquiries been removed when their credit reports are full of collection accounts, late payment, and even bankruptcy. Conferring to inquiryremoval.io, in cases like this, you would best save your efforts in removing your credit inquiries.

To dispute a credit report regarding the removal of a credit inquiry, let’s take a quick look at what it is.

A credit inquiry is nothing but a record from your credit report. Whenever you apply for credit, a potential creditor or one of your creditors get to request for your credit report. And this particular activity gets reported as one of the inquiries

Credit inquiry impact on your report

It is important you know that credit inquiry on your report is only making up about 10% of your score. However, it can lower your score by many points, most especially when you have so many inquiries within a very short period of time and depending on the particular purpose of the inquiry and nature of the inquiry, in most cases, it drops your scores even more. There are two different types of inquiries that you should know of

Soft inquiry

This is one that you don’t, in any case, make the first move it does not in any way negatively impact your score. A soft inquiry is created by your creditors or businesses which you have a relationship with and who are looking to offer you more credit. For instance, the pre-approved credit card offers or similar service.

In some cases, soft inquiries come from your employer or one of your potential employers and they don’t in any way affect your score

Hard inquiry

This is an inquiry that has a degree of impact on your credit score. This normally happens whenever you submit an application for new credit, such as a car loan, a mortgage, a product you need to finance, a credit card.

Whenever there are several hard inquiries carried out within a very short duration, there is a severe drop in your score. Nonetheless, inquiries from car loans or mortgages that occur in less than 14 days are regarded as just a single inquiry.

While you have your credit inquiry remaining on your file for 2 years and still date the fiery took place, not all the creditors will look at the two-year credit inquiry history. There are some creditors that only care about the past 6 months of inquiries and others don’t look for about 24 months or 12 months inquiry history

Similar to disputing other negative items in your credit report, you can go ahead and remove credit inquiries on your report by mailing out a dispute letter to the creditor using certified or registered mail and ask them to remove the authorized inquiry. Most creditors agree to have the inquiry removed, on the hand you will be ignored by come creditors, Id you don’t get any reply in 30 days, you can contact them to address the issue again.

Disputing credit report in addition with other key factors help in determining a good credit score. These inquiries have a very low impact on your credit report but to the creditor, it is a great indicator of credit risk. Therefore it is best to dispute credit report and get credit inquiry removed as early as possible.