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How To Remove Inquiries From Your Credit Report
Step-by-step guide on removing inquiries from your credit report
Do you have inquiries in your credit report that is negatively affecting your score? Many people have inquiries that have a bad score. Others have inquiries that have good scores. People have been denied applications because of many inquiries.
Inquiries on your credit score give the credit bureaus and the creditors the implication that you are potentially desperate for credit. A mass amount of applications on your credit report make you seem incredible to them. It can be a lot of damage to your credit report if not handled.
What are inquiries and how can you remove them forever?
An Inquiry is any debt application you make intending to get something in return from it. If you apply for a cellphone, a home loan or a car, all those applications create the inquiry.
Inquiries can produce a big hit on your credit report if you don’t take care of them. For instance, inquiry can affect your credit report or score between 2—3 points. That means if you have 10 -15 inquiries in your credit report, you can imagine how much damage that might create on your score.
I.e. having 15 inquiries each losing 3 points (15x3=45) will lead to 45 points that you will lose if you have that type of inquiries on your credit report. Besides that, you will damage your credibility with application in your future potential creditors.
Removing these inquiries can become tricky. However, if you do it right, it can be very effective. These are some of the effective ways to get your inquiries removed.
Freeze your Lexis Nexis account
Lexis Nexis is the account that provides the bureaus with the information which the bureau then verifies whether the information is correct. Freezing your Lexis Nexis account makes you throw the credit bureau out of work because they have to do the actual work.
However, if you choose to go the direction of freezing your account or enquiries, make sure you are not in a position to apply for a job, a vehicle or any type of credit. This is because once you freeze your account they cannot pull back your information when it comes to getting approved for any loan.
You should be in a stagnant position with your credit at present before going toward getting these inquiries removed.
Get your credit report copy
If you want a copy of the free credit report, go to annualcreditreport.com. It will give you a free copy of each credit bureau per year. Getting a copy of your credit report will give you a certain credit eye. You will pinpoint different inaccuracies in your credit report and be able to put those screenshots in the dispute letter. When you send it out, the letter will give you more credibility to get those inquiries removed
Check and avoid duplicate inquiries
Another step to have your inquiries removed is to make sure that you don’t have duplicate inquiries on your credit report. A lot of times they put duplicate inquiries on your credit report. You go that direction first because those are the easiest ways to get removed.
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Use your custom language
Make sure that the language you are using in your dispute letter is your custom voice. Do not send out templates as this method might not work unless you have enough evidence for your claim. Producing a template will make the digital system automatically put your letter in the dispute letter barrel or mark it as spam.
They are going to scan the template a thousand times and put you where it’s going to be hard for you to be out because they will automatically think that you are using someone else’s voice.
Dispute the oldest accounts first
Disputing the oldest accounts first makes it a lot easier to get an item that’s a year and three months old removed from your credit report than an item that has just been 60 days. It is therefore recommended that you only dispute an inquiry that has been on your credit report for over 90 days. Try to dispute from the oldest account to the newest account. It will give you an opportunity of getting the inquiries removed faster.
Send letters to the credit bureaus
When you send a letter to the credit bureau, there are some items that you have to send along with the letter. However, Credit Approved is a software system that allows you to fix the credit by yourself easily. Letters within that system are within the do it yourself, making it more effective and allowing you to create a custom voice within the dispute letter.
For every letter, therefore, it is recommended that you add statements within the letter to give it a genuine voice attached which the escrow cannot pick it up.
The system is on trial for a dollar to remove multiple inquiries on your credit report or collection charge offs or anything derogatory to your credit report. It is very user friendly to allow you to get all those items taken care of or removed from your credit report.
However, when you send out the letter, make sure you are sending out certified mails with your social security card, your driver's license number, and your utility bill. Sending out all the three documentation bills will bypass the malarkey that the credit bureau will spit back to you sometimes during verification.
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