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Too Many Credit Inquiries on Your Credit Report? Learn How to Remove Hard Inquiries

Your credit score is very important. It can impact the interest rate you are charged and help to decide whether or not you get a loan or even an apartment. Having too many credit inquiries is one of the things that can negatively impact your score. There are two types of credit inquiries.

They are classified as a hard inquiry or soft inquiries. Depending on the type and number of inquiries there are on your credit report, it can make doing any sort of business more difficult.

Hard Credit Inquiries Image result for inquiry on credit illustration

Any time you give a financial institution permission to check your credit score to make a lending decision, that is considered a hard credit inquiry or hard pull. Business owners typically do that when they are deciding whether or not to approve you for a loan or some other form of credit. Business owners are taught how to access your credit report on their first day of business school. A hard inquiry might not leave a large impact if it is only done once or twice. However, a lot of inquiries in any given month can lower the score a great deal. That leaves you open and vulnerable. Each hard inquiry stays on your credit score for at least 2 years. You are also considered “high risk” during that time, it can lower your credit score by a few points. While one hard pull may only have a negligible impact on your credit’s overall score, having several of them can lower the score dramatically. Especially if the inquiries all occur within a few months.

Soft Inquiries Or Soft Pull Image result for Soft Inquiries illustration

When a company looks at your credit during a background check as part of the hiring process or similar types of activity, or people check their own credit scores, that is called a soft credit inquiry or ‘soft pull’. Soft credit inquiries often aren’t recorded on people’s credit report and don’t affect their credit scores. A background check for a job is a great example. Another example is when someone Googles “how to access your credit report” to check their score. These types of inquiries are not reported most of the time. They do not have any real bearing on what happens, especially when it is only a few times. Some other examples of a soft inquiry include pre-qualifying credit card offers and searching for a cable provider. These are some common soft credit inquiries and include:

  • “Pre-qualified” insurance quotes
  • “Pre-qualified” credit card offers
  • Inquiries from a utility, cell phone, cable, and internet service providers

How to Remove Hard Credit Inquiries from Credit Reports

Knowing how to remove hard inquiries from your credit reports is important. People sometimes find unauthorized hard credit inquiries on the reports that may be negatively impacting their credit. Removing them can improve credit scores significantly. There are two ways to remove hard pulls. You can handle the dispute process yourself by writing a letter or get a credit repair company to do it for you. Hiring a professional may be a good option for people whose credit reports have other negative items. If you want to remove hard inquiries yourself, your:

  • The first Step should be to carefully check the items on your report. If it contains hard credit pulls you didn’t authorize, you should dispute the items and work to have them removed.
  • Second Step, Find the address for each creditor you didn’t give permission to do a hard inquiry. Send a certified letter to them through the mail saying you didn’t authorize the inquiry and want it removed immediately.
  • Third Step, Keep copies of the letter for your records. This should be enough to get the unauthorized inquiry removal process started. Along with the letter, send a copy of your credit report page showing the inquiry. To ensure it isn’t a mistake, highlight the section you want the credit bureau to see. This prevents delays in the process and eliminates the need for additional communications.

Following Up and Monitor Your Credit Score

By taking this extra step in advance, you can save time and prevent complications later in the inquiry removal process. If you have more than one unauthorized inquiry, send similar letters to each company that performed an inquiry and to the credit bureau. It’s important to regularly check your credit reports. If you see unauthorized hard credit inquiries on your credit reports, you have a right to contact the credit bureau and dispute it. The Consumer Financial Protection Bureau can provide assistance with the process. However, if you’re buying a car or a home and shopping for the best deal, FICO often uses a scoring formula that records all the loan inquiries made in a 14 to 45 day period as a single inquiry. So you can feel free to have several financial institutions look at your credit without negatively impacting it.

How Long Will It Take To Remove An Inquiry After It Has Been Disputed?

There are two ways to do it. One: You can remove them yourself. Two: You can get a professional to do it for you. A professional might be a better option when you are the type of person who has no knowledge of how the process works. You can spend your time doing a search for “how long will it take to remove an inquiry after it has been disputed.” The only problem is you might not find the information you are looking for. Some resources only post general information on how long will it take to remove an inquiry after it has been disputed, but they do not offer any real comprehensive details. I have done the research myself. Some sites are very vague.

What Companies Have Access To

One thing you should find out is what kind of companies have access to hard credit inquiry on my credit. You need to know what you are up against. Some companies do have access and others do not. You will find that some companies that do not have access find a way in any way. They do that to blemish your score. That is why you need to know what kind of companies have access to hard credit inquiry on my credit. You need to be able to notice the monster and shut him down right away.

Do You Plan On Removing The Inquiries Yourself? 

I have a few steps that may make the process easier.

  1. Find a list of the people who did the inquiry, though it was not authorized. Send them each a certified letter asking them to remove the hard inquiries from your history.
  2. Keep a record of everything. Highlight the pages and the details. That way they cannot dispute what you are saying. You may need to talk to the credit bureau if that does not work. Some creditors play hardball. Sometimes you need a professional to step in and take care of the dirty work.

Time For A Follow-Up Visit

Do you know how you go to the doctors for a follow-up visit? The doctor wants to make sure you are alright. He or she wants to make sure that the infection has been taken care of and you are monitoring your health more actively. Think of your credit history and report in the same context. That gives you some way to relate. Your credit history is sick. It needs to feel better. Removing those hard inquiries is the first step in a more positive direction. However, you do need to keep an eye on the health of your report. It is also a great idea to invest in a credit monitoring system. They can keep an eye on things when you are unable to.

Too Many InquiriesImage result for FICO Score illustration

The diagnosis might be that you have too many hits on your report. Start sending those letters out as soon as you can. The letters are the antidote your credit history needs to feel better.

FICO Records

Did you know that FICO records every inquiry you make when investing in a new car as one if it happens with a 15-day period? You can use this information as a jumping off point to start negotiations. Find out more about your current score by going to the FICO and Experian sites now. Your credit score can either work for or against you. You need to learn how to access your credit report. That way you know what you score is and what you need to fix. Everything has an effect. To understand how to find back you first need to understand the types of credit inquiries.

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