Some credit, mostly hard inquiries, can tamper with your credit profile for good. This is why. No one will give you a loan without confirming that your credit history is ‘clean’. Your credit history contains information on the amount you have ever borrowed and the duration of payment. So, if there are hard inquiries, they are likely to lower your credit score.
You don’t have to lose great opportunities because of credit inquiries. You can remove them as long as inquiries exceed the anticipated number. Or, if you had not approved them. Still, if you were not notified of the inquiry, then you have the right to cancel it.
What Is A Credit Inquiry?
A request from an institution seeking to know your credit report is called a credit inquiry.
Though often they come from financial institutions, almost any entity can provide them. However, the most common financial institutions that calculate your financial credit include Equifax , Experian, and TransUnion.
Types Of Inquiries
Inquiries can be classified into two; hard and soft inquiry.
With your permission, a potential lender seeks to have access to your credit statement. They do so to verify if you qualify for a loan. Without a doubt, there are instances when you may not qualify for a loan.
Take, for example, a case where you miss a payment. Another instance occurs when you make a payment after the agreed time. Your current lender will indicate in the credit report that there was delayed or missed payment.
These inquiries can negatively affect credit scores. Thus, in the future, potential lenders are likely not to give you a loan.
Soft inquiries occur without your knowledge. A lender, an auto financing firm, mortgage, credit card Company, or a student loan company can make a soft inquiry.
Fortunately, they do not affect your credit score. If a lender wants to give you a pre-approval, they may want to check your credit score. If they do, that is called a soft inquiry.
A soft inquiry also takes place whenever you check your personal credits. However, they do not appear on your credit report. Thus, it won’t affect the score.
Will Crapping Off The Credit Inquiries Help You?
As afore-mentioned, hard inquiries can tamper with your score negatively. You, therefore, need to remove them so as to improve your score. Unfortunately, if the hard inquiries are genuine, your score might not improve.
What’s the way out in such a case? After two years, the inquires will automatically get scrapped off. So, wait for the two years to elapse.
Sources Of Inquiries You Never Requested
When applying for a mortgage, chances are that the company will want to look for the best deal for you. Consequently, the lenders contacted will want to check your credit stand. This result to inquiries you know nothing about.
Sometimes, when building a home or buying an asset, you are likely to give the seller your social security number. Of course, they will use it to check your credit status. Subsequently, you will have inquiries you never requested.
If you chose to finance your education by applying for a student loan, don’t be surprised to realize that there are inquiries. At least, the financing company will seek to know if you had loans previously. Still, they would want to know if there were irregularities during payment. As such, they’ll make credit inquiries without your consent.
All auto financing firms will want a safe transaction. To avoid any possible risks of losing money, they will make credit inquiries before you approve. The same case applies to Credit card companies.
These are among the many possible instances when your consent may not be necessary in matters regarding making credit inquiries. Besides, these inquiries are not considered as fraud.
If, however, you feel the inquiries are not genuine, seek to remove them fast. On these grounds, therefore, how to remove credit inquiries fast?
Check Credit Reports Regularly
The saying goes, “To err is human!” So, even in credits reports, errors are bound to happen. If you do not check the reports often, such errors are likely to go unnoticed.
Besides accuracy, check if all details are yours. Some folks might use your details to open an account and carry out illegal transactions.
Later, you could be asked to pay for a loan you never applied for. Thus, checking if the report is genuine will help stop any transactions you never authorized. Plus, you will evade any possible errors that could cause major issues in the long last.
Seek Professional Help
Sometimes if you have limited time or you do not know how to go about the removal of the credit inquiries, then seek professional help.
There are honest, professional credit repairs that can analyze your credit report and identify where the issues started.
Involving professionals help save you time, stress, and lots of movements. Nonetheless, you will have to pay for that service.
Raise a Dispute
If, in any case, a credit bureau believes you requested that credit, ask them to send you a proof of the same. Raise a dispute requesting the immediate removal of the credit score. You can raise a dispute by sending a letter to the credit bureau.
Use this letter to raise disputes if you did not apply for a hard credit. Ask them to remove the inquiry from your credit report.
Still, do ask them to be prompt in responding to your inquiry. Besides that, ask them to send you a confirmation document verifying that they have removed the credit inquiries.
The Bottom Line?
So, if you’re worried about how to remove inquiries from credit report, don’t allow your credit score to go down because of a hard inquiry. Keep an eye on your credit report, often. Raise a dispute or hire a professional to have all hard inquiries you know nothing about scrapped off.
If, however, there are genuine inquiries, wait for the 24 months to elapse. They will naturally disappear from your credit report.