Credit Inquiry Removal Letters

In this day of identity theft and digital banking, it has never been more important to watch your credit report consistently and dispute any suspicious activity. Inaccuracies on your credit report can affect everything from the interest rate on your mortgage or car loan, your ability to rent an apartment or get a credit card or other loans, and perhaps your job. It isn’t fair but mistakes on reports are frequent and costly.

How To Get a Copy of Your Credit Report

Once per year you have the right to order your own full credit reports for free from annualcreditreport.com. The three major credit bureaus Transunion, Equifax, and Experian, Inc. as well as several companies offer paid subscriptions to reporting services. You also have to a free credit report if denied credit.

Credit Reporting and Your FICO Credit Score

Your credit report will show who you owe money to, how many accounts you have, what your balance is, how much is available to you and how timely you have made payments. The Fair Credit Reporting Act gives you the right to remove any inaccuracies,requires that your creditor contact you using certain protocols, and treat your information with privacy. If your debtors do not abide by the law, you have may sue them, seek legal advice, or take other action.

Pay on Time

It is very important to pay each bill on time. If you find anything unauthorized on your credit report, you can start to repair your credit by having them removed. Unless disputed, authorized items will remain for seven years.

Keep Your Balances Low

Ideally, you do not want to max out your card; keep it reserved to no more than 30 percent of your total allowances on all your credit cards. Your cards are your lifeline!

Avoid Collections, Judgments, and Bankruptcy

The fewer accounts in collection and how aged they are play are vital. Keeping accounts out of collections is important. New collections have a bigger impact. In some cases, State law dictates that medical debt may not be considered. It is important to avoid judgments and avoid filing for bankruptcy if at all possible.

Credit Inquiries, What you Need to Know

While checking your own credit score should never impact it, when creditors check what the bureaus have in your file, the frequency and age of those checks can have an impact. The first type is a soft inquiry. Companies will build consumer records they believe might be good candidates for their products and contact a bureau to build a client base. Whenever you apply for credit, a hard inquiry is made. These credit inquiries are more important. A large number of recently made credit requests can have a negative effect.

“Now What?”

It is important for you to know your rights under the Credit Reporting act. You have the right to make inquiries, ask questions, request more information, and to work with companies directly or through the bureaus. Credit monitoring is only the first part of this process. Credit Repair is another important piece of this Reporting Act. You have the right to seek help if you need it.

There is a lot of good info readily available to you. YouTube videos can show you how to remove bad items from your report and there are plenty of articles you can find using Google. Follow the links to go to each website and seek a site that addresses your problem. Look for terms like “free credit” or “fair credit” to learn more.

It is important for you to act on any authorization that you disagree with by sending certified mail to the credit bureau. Once you send this letter or letters, the burden of proof is on these agencies to determine whether or not the report is accurate. They have 30 days to complete their investigation and take action on any items found. If they cannot prove the items are accurate, credit removal is required.

Specific Steps You Can Take

  1. Where possible, call or email the company who made the report. You will want to take good records and note any actions you did undertake in order to resolve the issue. Note who you talked to, on what days, and how often. Unless you authorize an attorney, a credit repair company, or another person in writing, you must take these actions yourself.
  2. Each company may have their own form to complete and follow their own policy, but they all have a responsibility to fair credit reporting. Make sure that all mail you send has your legal signature and where possible these are sent by certified mail.

If credit inquiries are driving your score down, a sample Credit Inquiry Removal Letter to have inaccurate inquiries removed appears below:

(send this certified)

Your Name
Your Address
Your Phone #

Credit Bureau: Name
Credit Bureau: Address

Date

RE: Request for Investigation of Unauthorized Inquiry

Dear Sir or Madam,

I checked my personal credit report, which I acquired from your organization on [insert date of report] and I noticed an unauthorized credit inquiry had been made.

I contacted [inquiry source’s name], who conducted the inquiry, and asked them to remove their credit inquiry from my credit profile.

I am requesting that you initiate an investigation into [inquiry source’s name]and am initiating an inquiry to determine who authorized it. If, once your investigation is complete, you find my allegation to be true, please have it taken off my report and send me an updated copy of my credit report at the address listed above. If you find the inquiry referenced above to be valid, please send me a description of the procedures used in your investigation within 15 business days of the completion of the investigation.

Thank you for your response in this matter,

Signature
Printed Name
Address