How to Successfully Remove Inquiries from Your Credit Report

Did you know that the number of inquiries on your credit report can play a huge role in the score that lenders see when they consider you for a loan? Many consumers are unaware of the impact that hard inquiries have on their credit report, and as a result they get denied for financing even when they pay their bills on time and use credit responsibly. Knowing how to remove inquiries from your credit report is an important part of gaining and maintaining control over your financial life.

Although the importance of managing the number of hard inquiries on your credit report is often overshadowed by managing the presence of fraudulent activity, unpaid accounts, late payments, and timely bureau updates, being able to remove credit inquiries fast can make an equal impact on your score. In fact, having just six hard inquiries on your credit profile over the course of only six months can reduce your scores significantly. Often, otherwise responsible consumers and businesses suffer a loss of several credit score points as a result of having nothing more than too many inquiries.

Unfortunately, things become complicated when consumers misunderstand the impact of hard inquiries, not to mention when they fail to realize that 1) there’s a difference between hard inquiries and soft inquiries, 2) not all hard inquiries are created equally, and 3) using a hard inquiry removal service is well worth the investment. Before you jump the gun, however, educate yourself on what it all means.

What Is a Credit Inquiry?

A credit report inquiry isn’t that big of a deal if you manage it correctly and refrain from racking them up in a short time span. Put simply, a hard credit inquiry is a mark that’s placed on your report when a business or lender pulls your report to consider you for financing. There is a dedicated section on your credit report designed solely to list the hard inquiries you have. Most often, hard inquiries acquired within the last two years show up on that list.

As mentioned, not all credit inquiries are the same. Some inquiries occur when a business simply checks your credit report without any action on your part. This typically happens when you apply for a job or insurance, but it can also happen as part of the prescreening process for certain products or services. These less effective inquiries are called soft inquiries and usually don’t negatively affect your credit score at all.

However, the inquiries you acquire as a result of applying for funding or lines of credit are known as hard inquiries, and those are the ones that can negatively affect your scores. Sometimes referred to as a “hard pull,” most creditors know which kind of inquiry is being used beforehand. If dealing with an ethical business, you will be notified of the type of inquiries used prior to using them, allowing you to decide if it’s worth the trouble.

Keep in mind that both soft and hard inquiries will show up on your credit report together in a single list. Alternatively, soft inquiries don’t appear on the version of your credit report that creditors and loan underwriters see when they consider you for financing. On the other hand, the hard inquiries you accumulate can make you ineligible for loans and lines of credit if you don’t keep them in check. Essentially, potential lenders view the prevalence of hard inquiries as a sign of financial hardship and desperation, whether that’s true or not.

How Do Inquiries Affect Your Credit Report?

Both type of inquiries – hard and soft – remain on your credit profile for up to two years after they’re reported. Although they’ll both get listed, only hard inquiries impact your scores and they only remain effective for one year. In general, hard inquiries account for as much as 10% of your final credit score. The presence of too many hard inquires requires professional inquiry removal.

While several hard inquiries can leave you lacking the funds you need, it’s important to realize that there are several other factors which determine your credit score. According to FICO, those factors typically include:

• The number of accounts you have open at any given time

• Your credit utilization ratio

• The number of recent hard inquiries placed on your report

• The length of your credit history

• The amount of time since your last hard inquiry

It’s safe to assume that working with a reputable hard inquiry removal service is important. To remove credit inquiries fast and get your scores back to an attractive level, it’s vital that you stay proactive about your financial profile.

How to Remove Credit Inquiries from Your Credit Report Fast

Before you give up on getting the funding you need, follow these essential steps to remove credit inquiries fast:

• Hire a hard inquiry removal service provider.

• Have the service provider analyze your credit report to determine the number of hard inquiries on your account.

• Allow the service provider to dispute the inquiries until they come off your report.

• Refrain from submitting any more applications for funding while the process is underway.

• Understand that not all inquiries qualify for removal.

• Be prepared to wait for 3-6 weeks for complete removal of the qualified hard inquiries.

• Consult with the service provider’s customer service representatives if you have questions.

It’s important to keep your applications for new credit to a minimum, especially during the process of using a hard inquiry removal service. Aside from lowering your scores significantly, too many inquiries indicate to creditors that you’re a high risk of default and bankruptcy. While that may or may not be the case, the imperfect credit reporting system operates with that belief in mind.

Furthermore, understand that shopping for mortgage and auto loans may produce dozens of hard inquiries on your credit report. However, loan-shopping inquiries that are made within a specific timeframe (usually between 14 and 45 days) are often treated as a single inquiry. Fortunately, a good inquiry removal service provider can help you understand the credit score model that’s being used to calculate your final credit score.

This article was written for Grand Teton Professionals for Inquiry Busters. For Credit Repair Solutions and Support, please contact us at 203-599-4157 or email us at Support@InquiryBusters.com. For Media Relations, please contact Misty.Burrell@GrandTetonProfessionals.com

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