So as to maintain the excellent state of the credit score it is important that we facilitate the routine removal of the credit inquiries. There all due reasons as to why there arise some inquiries in the credit report. Some of this may include asking your credit card company for an increment in the credit limits, when you apply for a loan for your house or your car among many others.
There are two type of inquiry that is soft and the hard pull inquiry . The soft pull inquiry occurs when the creditors want to know your credit so as to verify your financial situation. The hard pull inquiry occurs when you apply for a loan, applying for a new credit card or when you request for an increment on your credit limits.
Let’s have a look at what radically affect the credit score. At the condition when you have a lot of inquiries on your report, the creditor will think that you are hungry for money, and for this reason the creditor will be worried that you may fall, into financial crisis. Too many inquiries given above shows that your debt -to- income ratio may be much higher than the one you have stated.
Lets consider removing the credit inquiries. Take into account the type of inquiry that is causing the problem. Order the reports of your credit, once you have received them, check and locate the inquiry at the end. Be keen on the kind of inquiry that is going to appear to the grantor.
Make sure that you know every address of the inquiry. So as to get this number it is important that you take time and consult the credit bureau or contact using the toll free number so that you can the address. When you have this with you it is a position that now you can process 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 engaging yourself in sending letters, you will be in that position to defend yourself that you are putting some efforts.
Check and check again. There are those companies that will provide the documentation while there are those who won’t offer any. for those who commit themselves, make sure that you check the authorization of the inquiry. If there is a problem make sure that you shout it out. For those who do not prove the documentation it is a clear indication that you will be in that position to show to them that they have no proof and want they have to just drop the inquiry.