How to Remove Inquiries from Credit Reports – Reducing Credit Report Inquiries 101/feed/

Before we discuss ways on how to remove inquiries from credit reports, let us first talk about what credit inquiries are, and their importance to you and your credit history.

When you apply for credit, a record of the credit inquiry is added to your file when the credit granter goes to your credit record to evaluate your credit history. Having too many credit inquiries on your record is bad for you, as it may signify that you are "credit-hungry" and may in fact be in financial trouble, something that is not very appealing to potential creditors. In addition, the creditors may assume that those inquiries have been converted to actual credit lines or loans that have yet to appear on your credit report. So having too many inquiries on your credit history gives you a lesser chance of getting approved on the loan or credit line you are applying for.

So how to remove inquiries from credit reports? First, you must get a hold of a copy of your credit report from all three credit bureaus. Check the reports and see the inquiries listed at the end part of each report. Some inquiries may just be promotional inquiries and can be ignored, but you should be able to recognize the establishment / s where you bought credit and was denied.

The second step on how to remove inquiries from credit reports is to get the addresses of the establishments that denied you of your loan or credit application. However, only Experian lists the addresses for each inquiry, so you may have to search for addresses listed in Trans Union and Equifax that do not appear in the Experian report. You can do this by calling Trans Union and Equifax to request for the addresses.

The third step on how to remove inquiries from credit reports is by sending letters to each of the establishments who dropped your record for an inquiry. According to the "Fair Credit Reporting Act", only authorized inquiries are allowed to appear on your consumer credit report. If you think the inquiring creditor is not properly authorized to look into your file, you can send a letter challenging this inquiry.

Sometimes, the creditors will produce a document stating that the inquiry is approved by you in which case you will need to study the authorization form you signed very carefully. If you find any ambiguity in the form, you can argue that the form is too complicated to be understood by a layman, and that you will contact the State Banking Commission to complain of the deceptive form if the inquiry is not removed from your file. Sometimes creditors may ignore your dispute, which is to your advantage. You can use the creditor's lack of timely response to your dispute as leverage in demanding that the inquiry be removed from your records immediately.

Remember that the goal of this article on how to remove inquiries from credit reports is not to completely remove all inquiries from your records, just enough inquiries to make you eligible again in securing credit.

In these tough economic times, your credit score is more important than ever. Even people with seemingly good credit are getting turned down for credit cards and home and automobile loans.

Source by Brooke Ashley

Posted in: Bankruptcy, Credit Repair, Credit Score

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