It is imperative to practice removing of the credit inquiries from time to time, this will help to prevent the weakening if your credit score. There are quite a number of reasons as to why inquiry arises in your credit report. There are like seeking for a loan for your car or requesting for your credit company to offer you with some increment on the loan limits.
Soft and the hard pull inquiry are the major types of inquiry. The soft pull inquiry is achieved by the creditors who will intend to use your credit information to acquire your current financial situation. On the other hand the hard pull inquiry occurs when you apply for a new credit limit, a new credit card, or you submit a loan application.
Lets take time and see what affects the credit score. When you have lot of inquiries on your report the creditor will tend to think you need the credit very much and it is for this reason that the creditor will be surprised to get that you may fall in to some financial problems The a creditor may think that the fact that you have a lot of inquires in your report, the debt to income ration may be even much higher than even how you have stated it.
Now let’s have a look at how to remove this inquiry. First, identify the kind inquiry that is causing you the problems. Order the reports of your credit, once you have received them, check and establish the inquiry at the end. Take note of the type inquiry that is going to the grantor make sure that you consider them.
Make sure that you know every address of the inquiry. To do this you can consult the credit bureau in order to get the address, or you can use the toll number which you can use to contact them so that you can get the address. When you have acquired the address you can proceed to step three.
Challenge the inquiry. To do this you need to write letters to every inquiry that you have a problem in. It is vital that you ask for proof of authenticity making sure that when sending the letter you use the collect channel. By doing so you will have evidence showing that there are some actions that you’re taking.
Check and countercheck. There are those companies that will provide the documentation while there are those who won’t offer any. For those who involve themselves in providing the documentation make sure that the documentation is from that authorized party of the inquiry. If there is a problem you can write a letter to complain about the issue. Those who do not provide the documentation shows lack of proof.