A complete guide to removing credit inquiries

With the vast amount of information on credit inquiries available, you may find it difficult to understand the subject. But, we can help eliminate your confusions.

To begin with, every time a company seeks access to your credit report, they make a credit inquiry. It is simply a request made by a firm to check your credit report. You can find the section of credit inquiries section at the end your report. These inquiries may or may not have an impact on your credit score. However, they will remain on your credit report for two years.

Types of credit inquiries

There are two types of credit inquiries:

Hard pull

A hard pull inquiry takes place when you an organization or an individual requests your credit score. For instance, if you apply for a car loan or a credit card, the lending organization will request your credit report to evaluate your credit situation. This type of inquiry usually drops your score by a few points for six months.

Soft pull

A soft pull inquiry does not affect your credit score. This type of inquiry occurs when you check your credit history. Similarly, a prospective employer or landlord may request a soft pull inquiry to check your credit situation.

Impact of credit inquiries

A credit inquiry is incorporated to your credit report every time you apply for credit. As per FICO website, the impact from applying for credit will vary from person to person, based on their unique credit histories.

Removal of credit inquiries

In order to remove credit inquiries, you should:

1)      Order your three credit reports to check the inquiries that are causing problems. Once you receive your credit reports, check for unauthorized inquiries made by prospective lending institutions.

2)      Find the addresses of all credit inquirers to contact them. Thereafter, you should send each one of them a letter asking them to remove their inquiry. It is better to send the letter via fax or certified mail rather than standard mail delivery. Also, try to provide as much information as you can.

3)     It is possible that a creditor may provide documentation stating that a credit inquiry was authorized by you.  Therefore, read the authorization carefully. In case of any ambiguity, let them know in writing that the inquirer's authorization form was complicated and beyond your comprehension. Always keep track of the time that you sent the letter. If the creditor doesn't respond within a month, you can demand quick action.

Although the abovementioned process is an easy way to remove inquiries, you can avail our fast credit repair services to get rid of unauthorized inquiries. 

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Bad Credit: Is It A Relationship Deal Breaker?

Building a financial future together with your future partner is indeed a challenging feat. You will face innumerable hurdles along the way.

But marrying someone with a bad credit score is a different ballgame altogether. In fact, it has been a deal breaker for many couples.

So, if you have a good credit history and your soon-to-be spouse does not, are you going to call off the wedding? Is bad credit really a deal breaker when it comes to finding unconditional love? Let’s find out:

Credit report

Contrary to popular belief, your credit report won’t be merged with your spouse’s after marriage. However, both credit reports will indicate the accounts that you both opened jointly or accounts with one of you named as cosigner.

Can your partner’s bad credit history affect you?

Financial institutions check an individual’s credit report and score to determine their credit worthiness. A good credit report and score will increase your chances of getting a loan, along with favorable repayment charges. Many landlords and employers also consider an individual’s credit history before offering their services.

In case you and your spouse have a joint credit account, lenders will take into account both your credit reports in order to evaluate your credit worthiness. In other words, if one of you has a negative credit history, your loan request is likely to be denied. Even if your loan application is approved, you may have to pay excessively high interest rates.

Solution

A simple solution to avoid financial woes is to apply for credit individually. Do not open up a joint credit account with your spouse, at least until their credit information improves.

Keep in mind, your individual payment history should be good enough to qualify for a loan or credit card.  Aside from maintaining separate credit accounts, it is important for you and your partner to have a discussion on finances before getting married. This will help you take action (if needed) immediately in order to avoid bigger credit problems in future.

You can order copies of both of your credit reports from the major credit reporting bureaus. Discuss your past and future finances. You can also go through financial counseling together if your partner needs help with their credit situation.

Alternatively, you can check out the wealth of credit repair information available on our website. We offer credit repair tricks and strategies to help you or your partner improve bad credit.