Easy Methods to Delete Laborious Inquiries From a Credit score Report
I’ve had a lot of questions lately about how to remove hard queries from a credit report so I thought I’d take a moment to answer them for you!
There are two types of requests: hard requests and soft requests.
A tough request This is the case when a lender requests your report as part of a loan or loan application. This type of request will stay on your report for 2 years but will only affect your creditworthiness for 12 months.
If the request is older than 12 months, you don’t have to worry about it! You don’t have to waste your time on it as it will not affect your score.
While a Soft request This is when someone accesses your report but doesn’t necessarily intend to lend you money or give you credit, and it’s not always associated with a loan application.
For example, it could be your existing creditor checking your credit, or some other reason. The most important thing to understand, however, is that soft requests don’t affect your creditworthiness at all – they’re just a record of who requested them.
So if it is a SOFT request, it has no effect on creditworthiness.
If you or your customers have had a lot of tough inquiries lately that are detrimental to their credit standing, do the following:
The first thing you really need to do is work on removing all conflicting personal information.
This means that you are contesting any misspelled names, aliases, old addresses, incorrect and outdated employment information, incorrect birth or social dates, and anything else listed in the personal information section of the customer report.
Here’s why this is important:
The personal information you remove comes from inquiries!
Right! Each time your report is retrieved, the information from this application will be added to your report and linked to the requests you want to remove.
The people who fill out and submit your applications often make typographical errors, which is the cause of any discrepancy.
If you simply remove the bad personal information, you will be much better off clearing the requests associated with it.
Second, you have to challenge the tough requests yourself.
Now only deny hard requests that are younger than 12 months because if they are older than a year it will not affect your score!
And remember, the same goes for soft queries. They don’t affect creditworthiness either, so it’s a waste of time to deny them.
But the most important thing to keep in mind when answering inquiries:
It is important that you do not dispute requests related to opening pre-existing accounts or accounts that your client has just requested as they really want, like a creditor who may have an open application.
This is because the dispute over the request could result in an automatic rejection of that request, or could result in an open credit card account suddenly being closed without warning, which can lower the score many times over.
So just check that the customer has an open account associated with each request as you don’t want to dispute requests from accounts that are currently open and in good standing.
If you now dispute the inquiries, do so with the 3 credit bureaus by simply sending a first round letter.
When you log into your Credit Repair Cloud account, select “Round 1” from our letter library and fill in the reason and instructions for the offices.
What works really well and is super easy is the choice: “I don’t remember applying to the creditor. Please remove this request.”
Remember, just like any other type of item. If these are not removed immediately, you can always submit follow-up letters, warning letters, investigation letters or complaints if necessary.
Whether you are working on your own credit or your client, the key to ALL disputes is persistence! Keep applying pressure and don’t take no for an answer.
If you don’t have a Credit Repair Cloud account and would like to receive this letter for FREE, sign up for our free 30-day trial at creditrepaircloud.com.
Or if you’d like to start your own credit repair business, sign up for our Credit Hero Challenge, where we’ll be with you by the hand. In just a few weeks you will be the proud owner of your own credit repair business AND will have 3 shiny new certificates to show off to your new customers! We are starting a new challenge soon. Register at creditherochallenge.com today.
I hope to see you inside! Until then, keep changing your life!