If you’re looking to qualify for a loan, mortgage, or credit card, you may want to pay closer attention to your credit score. Credit scores are important as they determine the interest rate you pay on loans, and whether or not you can be approved for financing. One thing that can negatively impact your credit score is inquiries from potential lenders. In this article, we’ll explore how to remove inquiries off your credit, so that you can improve your credit score and get the financing you need.

What are credit inquiries?

Credit inquiries can be either hard or soft. A hard inquiry occurs when a lender or creditor pulls your credit report to check your creditworthiness when you apply for credit. Hard inquiries can affect your credit score by several points, and appear on your credit report for up to 2 years.

A soft inquiry, on the other hand, is a background check on your credit report that doesn’t affect your credit score and isn’t visible to anyone but yourself. Examples of soft inquiries include checking your credit score on a credit monitoring site and pre-approvals for offers that come in the mail.

Why do inquiries hurt your credit score?

It’s important to remember that hard inquiries are not the only factors that can negatively affect your credit score. Other factors include maxing out credit cards, making late payments, and high balances. However, hard inquiries can be particularly damaging because they suggest that you’re taking on an additional amount of debt. This makes lenders think that you may be a higher risk borrower, so they may charge you higher interest rates, or even decline your application altogether.

How to remove inquiries off your credit?

Fortunately, it is possible to remove inquiries off your credit report. There are a few methods that you can use to get rid of those inquiries and improve your credit score.

Contact the credit bureaus

The best way to remove inquiries off your credit report is to contact the three major credit bureaus – Equifax, Experian, and TransUnion. You can dispute the inquiries on your credit report by providing documentation that the inquiry was not authorized. The documentation should include a letter from the creditor stating that the inquiry was made in error, or that you did not authorize the creditor to make the inquiry. Once the credit bureau receives this documentation, they will investigate and determine whether the inquiry was authorized or not. If it was not authorized, they’ll remove it from your credit report.

Use a credit repair agency

If you’re not comfortable contacting the credit bureaus yourself, you can always hire a credit repair agency. These companies specialize in removing negative items from your credit report, including inquiries. They’ll charge you a fee for their services, but it may be worth it in the long run if they can help you raise your credit score. Before you work with a credit repair agency, make sure to check their reputation with the Better Business Bureau and read reviews from other customers.

Wait it out

Hard inquiries on your credit report will typically stay there for up to two years. However, their negative impact on your credit score will diminish over time. If you don’t want to take any action to remove the inquiries from your credit report, you can simply wait it out. Over time your credit score will improve due to other positive actions you are taking such as making your payments on time and keeping balances low. Eventually, those inquiries will no longer negatively impact your credit score as they will be older.

Removing inquiries off your credit report isn’t always easy, but it is possible. Your creditworthiness is important when it comes to getting approved for financing, so it’s important to take every step possible to keep your score high. If you’re unsure how to remove inquiries, reach out to a credit repair agency or contact the credit bureaus to request a dispute. By taking these steps, you can improve your credit score and get the financing you need to achieve your goals.

Leave a Reply

Your email address will not be published. Required fields are marked *