Description
Our Inquiry Removal Letter will assist you in the process of removing hard inquiries from your credit report. Just like flossing or getting a yearly physical, checking your credit report for false inquiries is a must in this day and time. A false inquiry is any inquiry that you personally didn’t authorize. They can negatively affect your credit. According to the Federal Trade Commission, 1 in 5 Americans have these or other mistakes on their credit report.
Removing false inquiries from your report requires you to:
- Accurately locate them in your credit report.
- Submit a formal removal letter to the major credit bureaus.
Inquiry Removals – Hard Inquiries
Inquiry removals are usually pertaining to hard inquiries. Hard inquiries are created when a creditor requests your full credit report to determine if you are a worthy financial risk (i.e., will actually pay back a loan). These inquiries require your direct permission to take place with actual documentations. Hard inquiries impact your credit for 1 year, but will stay on your report for 2 years. Hard inquiries are issued for most loans and major financing situations. They’re commonly used when:
- Applying to get utilities turn on
- Applying for a new credit card or line of credit.
- Financing a car or other expensive item.
- Refinancing or applying for a mortgage.
How Much Impact Inquiries Have On Your Credit
Do you know how much impact inquiries have on your credit? Hard inquiries have a slight impact on your score. Credit scores are calculated from 5 different factors, each with various effects on your score. Here’s a FICO breakdown of your credit score:
- Payment History: 35%
- Amount Owed: 30%
- Length of Credit History: 15%
- New Credit: 10%
- Types of Credit Used: 10%
Since inquiries are essentially requests for new lines of credit, they fit under the “New Credit” category.
Checking For False Inquiries
Checking for false inquiries isn’t as hard as you may think. All inquiries on your report show the company that made the inquiry and the date. Look for unrecognizable companies, odd dates, or duplicates. These are all signs of a false inquiry. Checking for consistency between all three reports may also help highlight errors. But not all inquiries are sent to all three credit bureaus. A false inquiry may only appear in one.
This inquiry removal letter will assist you with removing these errors. It is important to do a few things first:
- Make copies of the reports with the false inquiries. On the copies, mark the errors by highlighting or circling them.
- Write down the companies that issued the false inquiries. If you have proof that an inquiry was false, make copies of that as well.
Federal law states that when you ask a company to provide proof about an inquiry they made, they have 30 days to comply. If they are unable to provide evidence or they take longer than 30 days to respond, then you have grounds to get the inquiry removed.
Therefore, it is important to keep time-stamped records of your communication with the company or creditor. An email can suffice, but a certified letter to the company headquarters is even better.
FREE Consultation
Here at Trifecta Financials LLC, we understand that you may not clearly know the steps and what to expect with this inquiry removal letter. That is why we are offering you a FREE consultation to discuss what you may be dealing with.
Click Here to sign up for your free credit analysis and consultation. We are here to help guide you through the process.
Disclaimer: Please contact Angela (888) 502-0020, from our customer service department before ordering. All sales are final!!!
