n the United States, many companies collect and sell information about individuals that one can use for marketing purposes. The collection of this information can result in a hard inquiry on credit reports, making it difficult for individuals to obtain loans or otherwise access certain benefits.
When you are denied a loan, they will usually ask what happened so they can make adjustments in their future interactions with you. A hard inquiry is typically an investigation by a company into whether an individual may qualify for goods or services as inferred from accessed data without any details of the particular transaction being requested.
How to Remove Hard Inquiries from a Credit Report
- Go through the list of inquiries: You can do this by going to your credit report and looking for inquiry sections listed on the page. You can also look up what each company is by accessing your free annual credit report from the three major credit scoring bureaus. You may have to write a letter to each of these companies with the following information.
- You need to explain why you feel the utilization of their services is not necessary or helpful in establishing your eligibility for loans or other terms of relations with them. The best thing to do is directly address your reasons with the companies inquiring about you. You can also go through a credit repair service, but this will cost you extra.
- Once you have written all of your letters, send them out and then request to see if they post correctly on your credit report. To be safe, wait at least 60 days before applying for a loan or anything else that requires a credit check. It will give adequate time to see if the hard inquiries are correctly listed.
- Many websites on the internet offer services to help you remove Hard Inquiries. They will charge a monthly fee ranging from $15 to $30. It pays to shop around and get information from numerous sites and speak with someone who has experience in removing hard inquiries.
- This brings us to the last step: wait at least 180 days before requesting your credit report. Several of the companies selling complex inquiry lists will offer you money if you pay them before 180 days are up. If you ignore them, they will take your lack of response as a positive, which will lead to the inquiry being placed back on your credit report.
Can You Remove Hard inquiries?
Yes, but investigate the process and get legal advice for various reasons. The first and most significant reason is that many junk lists are sold and resold, with the sellers having no idea how to get them off. It can result in you paying large sums of money to remove something that never came off.
Getting them off is possible in many cases, but you have to be willing to take the time, spend a little money and do your due diligence when doing it. Some junk lists come from pre-existing lists that exist long before birth. These can be removed easily by writing a letter or calling the company in question and asking for removal.
Will Removing Inquiries Increase Credit Score?
If you have not established a meaningful credit history, you should look into the cost and process of removing hard inquiries. If you are considering applying for a loan and are being turned down, the chances are that the company that provided this information is charging some fee or another charge.
They have been able to access this information means they have had to pay money to get it. If you pay them enough money, they will remove it from your file. It will not increase your credit score in any way, but it will show the lender that you want to be approved for something and may prevent them from vetting the information more carefully than they already do.
Are Any Procedures Available For Detecting False Records on Credit Reports?
Yes, there are procedures for detecting false records on the credit report. The Federal Trade Commission of the United States has a very detailed guide that can help you spot the many different types of false information. It explains how to spot fraud and credit report errors and how to get them removed.
Is it Safe to Remove Hard Inquiries from a Credit Report?
The answer to this is a resounding yes. The information these companies collect is often incorrect or does not apply to your situation. To learn more about the factors that have been shown to affect credit scores for different types of inquiries. Also, check out the site mentioned above for information about removal and what materials you need to post your letter with these complex inquiry list companies. You must go for the best credit repair companies by checking out the latest article shared here on fox8.com.
How Much Does it Cost to Remove a Hard Inquiry From a Credit Report?
There are various solutions for getting an inquiry removed from your credit report, but there is no set price. The last thing you want to do is pay a bunch of money for something that does not improve your scores. Some companies offer to remove the information for free or will require a small payment in the case of two or three hard inquiries.
The difficulty with that process is that these will be weak requests, and the information may still exist in some databases within the company you are dealing with.
Can a Dealership Remove a Hard Inquiry?
It is possible, but it has to be a dealership that you are requesting to have it removed from your credit report. All major finance companies must remove the inquiry from your credit report within 30 days of its inception.
A dealership will usually take longer, and some will not bother doing this for you. If you plan to finance a car and do not want an inquiry to come up, you should talk to them about this ahead of time. They may be willing to waive their fee for the transaction to keep the hard inquiry out of your record.
There are a variety of situations that can arise when dealing with hard inquiries. The more you understand them and the impacts they can have on your credit score and financial situation, the better off you will be.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
