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. 

Is Your Old Debt Messing with Your Credit Report?

Here is how you can get rid of it,the first step is to look clearly into things by ordering a credit report that will allow you to get a better prespective on things, for more details visit us: http://www.quickcreditrepair.com

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. 

Are You Using Your Credit Card the Right Way?

The Top 5 Cardinal Rules of Credit Repair

Your credit score: those three-digit numbers have the capacity to make or break your personal financial position. If you think having a poor credit score doesn’t matter because you don’t intend to buy a house or apply for a credit card any time soon, think again. It matters, and it’s impacting your life.

Don’t let the numbers ruin your life. Take a look at the five cardinal rules of a do it yourself credit repair:

Rule # 1- Know Your Rights

According to the Fair and Accurate Credit Transactions Act of 2003, you have the right to monitor your credit report from each, or all, of the three major credit bureaus once in every 12 months, for free. Furthermore, should any errors arise, you may address these inaccuracies and dispute the errors with your credit reporting company, and they must issue a response within 30 days.

If you hire a credit repair company, make sure you get everything in writing, including the fee charged and the expected results.

Rule # 2- Know What To Expect

The role of credit repair companies is to help build your credit score. While they may help dispute errors on your behalf, they cannot deliberately eliminate accurate information from your report. The Federal Trade Commission is the governing body that oversees credit repair companies through the Credit Repair Organization Act. According to this, it is illegal for credit repair companies to lie about what they can do for you, or take advance payments before the completion of their services.

Rule # 3- The Credit Score 35:30:35 Ratio

So, what makes your credit score? What are those contributing factors that can directly raise or lower your credit score? Understanding that could provide us with the means to control it. It has been claimed by experts that a healthy and regular payment history accounts for 35 percent of your score. This is so crucial, that if you miss even a single deadline, your credit score could drop as much as 100 points! Therefore, in order to ensure that you avoid late payments and the impending credit doom that they bring, arrange for an automatic payment systems where your bank will issue regular payments on your behalf. That way, you don’t miss a payment!

The other 30 percent of your credit score accounts for the amount of debt you owe. It is recommended that consumers must maintain a 30-35 percent of credit utilization ratio on their limits. So, if you have a $1000 limit on your credit card, your debt should not exceed $350. Either pay off these smaller debts, or ask your lender to increase the credit limit. The final 35 percent is a combination of various elements and miscellaneous debts.

Rule # 4- Check Credit Reports At Least Once A Year

The FTC released its eight-year study on the accuracy of credit reports, in which one of the discoveries include that 25 percent of consumers identified errors on their credit reports. These errors had the capacity to affect their credit scores. With credit report inaccuracies so common, it is imperative that you keep track of your credit report at least once a year, so as to dispute any errors that might be hurting your credit score. The best part is that you can monitor your credit report for free.

Rule #5- Don’t Close Old Accounts

Having too many credit card accounts may seem like a hassle. However, before you close them, you might want to consider this: having these closed may actually ding your credit score because it reduces your available credit. Even if you mostly use your newer cards, keep the older ones open, and use them occasionally to keep them active.

Call it rules or credit repair tricks, these are just some things that you should factor in when on the quest to repair your credit score. Just remember, if you cannot afford a credit repair company, there are still some steps that you can take to boost your score and get out of debt! Explore our website for the guide! 

Analyzing The Unexpected Impact of Your Credit Report On Your Daily Life

When you swipe that card, or issue that new loan, you rarely think of the ways that single transaction is affecting you; how that single operation sets into motion a chain of events that ultimately impacts more than just your personal finances. It impacts your daily life.

Take a look at these unexpected ways how your credit report – and subsequently – your credit score impacts you:

1.    Your Living Arrangement

It is completely illegal for landlords to discriminate tenants on the basis of their gender, sexual orientation, color or religion. However, it is perfectly acceptable for them to turn you down based on their judgment of your inability to pay the rent. If your credit report, in any way, indicates that you are an inconsistent bill-payer, they may deduce that you will delay rent payments.

2.    Your Student Loan

Student loans have the reputation of being one of the easiest loans to achieve with the most flexible repayment systems. That, however, has changed recently. While repayments are still convenient, there’s a chance that your loan for your college of choice may be denied if you have a low credit score.

3.    Your Cell Phone Connection

Some years ago, when you signed up for your cell phone contract, you enjoyed a good credit score, and thus received an immediate approval on your cell phone application. However, now, at the end of your contract, for whatever reason, you decide to switch to another company. But because of the recession, your credit score has taken a small hit recently. Don’t be surprised to find your new cell phone company charging you a hefty deposit. They don’t think you’re reliable, and they need to find ways to cover costs.

4.    Higher Interests & Restrictive Terms On Approved Loans (Mortgage & Automobiles)

Getting a loan might seem a lot like you’ve crossed the finish line. That tough part is over with, right? Not if you have a poor credit score. In fact, the challenges have only just begun. It won’t seem like much of a win if, with a low credit score, you get unfavorable interest rates and deposits, along with restrictive terms. A higher credit score, can and will, help you negotiate a better mortgage interest rate.

The impact can be substantial. For instance, with a questionable score, your mortgage or automobile lender may most likely ask for a 15 to 20% of down payment. That means, on a $250,000, you’re expected to pay $50,000 upfront! And if that wasn’t enough, your high interest rates are bound to add tens of thousands of dollars on the total mortgage you pay.

5.    Your Job

While it is safe to say that there is no specific link found between your credit score and job performance, you should expect your employer to check potential employees’ credit reports. There are some states like Connecticut and Indiana who have restricted or banned the practice; however, there are still employers who run a background check, including checking the credit history of employees, especially for security clearance.

6.    Your Personal Relationship

Believe it or not, your credit score can put immense strain on your personal relationships. Even though both of your credit profiles don’t merge, it still affects your ability to get approved for loans and the rate of interest that you receive.

For instance, let’s say you have a high credit score, and your spouse has an average score. When you apply for a mortgage loan, your lender will not only look at your score, but will assess the overall credit risk of your household. So you might end up paying a higher interest rate together, as compared to what you would have paid alone.

How Do I Repair My Credit Myself?

It’s quite risky to underestimate the impact of your credit score on your personal and professional life. However, there are some steps that you can take, and strategies that can fix your creditscore. The first is to monitor your credit report. QuickCreditRepair.com allows you to build your credit using their fast and DIY guide!