There's a simple Credit Inquiry deletion HACK that can boost your credit score up to 55 points in 24 hours, and today I'm going to show you how to do it!
If you're new to the world of Credit Repair, an Inquiry is when a lender requests your credit history from one of the credit reporting agencies.
An Inquiry is made whenever a consumer applies for credit, whether it's a mortgage, auto loan, or credit card.
There are two types of Inquiries: Soft inquiries and Hard inquiries.
Soft Inquiries typically happen when a person or company checks your credit as part of a background check. It might happen when a credit card company checks your credit without your permission to see if you qualify for certain credit card offers. Your employer might also run a soft inquiry before hiring you. Or a landlord before renting you an apartment. The important thing to know is that soft Inquiries do not affect credit scores.
Hard Inquiries are made every time you apply for credit. They are visible to other lenders and creditors, and they do hurt your credit score.
This happens for many reasons, but simply, people often bunch up multiple Hard Inquiries together over a short period of time, like when they're shopping for a car, which can make it appear that they're taking on too much debt.
HOW DOES THIS RELATE TO US?
Hard Inquiries stay on credit reports for 2 years and impact credit scores for 12 months. But don't let their short lifespan fool you. Hard Inquires make up a massive part of your overall credit score.
According to FICO, up to 10% of a person's credit score is determined by the number of inquiries on their credit report.
That means inquiries alone can affect scores up to 55 POINTS!
They also found that ONE Hard Inquiry could lower a person's credit score by as much as 10 points.
And the Credit Bureau Experian reported that nearly one-third of all consumers had four or more hard inquiries on their credit report.
Now, Inquiries may be a bigger problem than people realize, but disputing and deleting them is pretty simple, and I'm going to show you exactly how to do it.
HERE'S THE THING TO REMEMBER…
When disputing negative items on credit reports, the first step is to remove any and all conflicting personal information from your reports.
If there's a misspelled name, old address, wrong date of birth, incorrect or outdated employment information, or anything else that appears in the personal information section of the credit report. Trust me.
Dispute that FIRST.
HERE'S WHY THIS IS IMPORTANT…
Believe it or not, the personal information that you're disputing actually comes from inquiries!
It's true! Every time your report is pulled, the information from that application is added to your report, and that information is tied to the inquiries you want to remove.
The people typing and submitting your applications often make clerical errors which cause many of these problems. By removing incorrect and outdated personal information, you have a much better chance of deleting the inquiries tied to them.
The next step is to challenge the inquiries themselves.
HERE'S WHAT YOU NEED TO KNOW…
There's a standard step-by-step method for deleting inquiries from credit reports that I'll share with some basic tips. But there's also a HACK that I'm going to teach you that will speed up the entire process.
STEP 1 - IDENTIFY THE INQUIRIES YOU WANT TO REMOVE
Inquiries only impact your credit for a short period of time, so you want to only dispute Hard Inquiries less than 12 months old. If they're older than a year, they don't impact your scores, and disputing them is a waste of time.
Also, never dispute inquiries tied to open accounts. In fact, if you dispute an inquiry tied to an open account, you run the risk of losing that open account along with its entire credit history, so again, never dispute inquiries tied to open accounts.
STEP 2 - SEND A ROUND 1 DISPUTE LETTER TO THE THREE CREDIT BUREAUS AND PROVIDE PROOF THAT THE INQUIRY SHOULD BE REMOVED.
When you type your Round 1 Dispute letter, list the item being disputed, the reason for the dispute, and the instructions for the bureaus. Simple explanations usually work, like "I don't remember applying with this creditor."
Hard inquiries can easily be removed from credit reports if they occurred without your approval, without your knowledge, or if the number of inquiries exceeded what you expected from a lender.
STEP 3 - WHEN THE CREDIT BUREAUS RESPOND, CELEBRATE, OR KEEP DISPUTING
If the Bureaus accept your dispute, they'll remove the Inquiry from your credit reports. If they don't accept it, it's time to send your next round of Dispute letters, Warning letters, or, if necessary, file a complaint.
That is the standard way to remove Hard Inquiries from credit reports.
Now let's get to the fun stuff.
If you really want to speed up the process, there is a way that you can get inquiries removed in 24 hours. This strategy is crazy simple, and it really works!
To get an inquiry removed within 24 hours, all you need to do is call the companies that placed the inquiries and demand their removal. It might sound too good to be true, but it works! This is all done over the phone, swiftly and without ever writing a letter.
There are two limitations to be aware of:
Number one, most companies require the consumer filing the dispute to be on the call. If you're disputing for yourself, you're fine. But if you're assisting someone else or calling on their behalf, this won't work. They'll only discuss this information with the consumer that has the inquiry on record.
Number two, you have to provide them with a legitimate reason for removing the inquiry. They will only remove the inquiry if they pulled a credit report without your approval, without your knowledge, or if there was a Fair Credit Reporting Act Violation somewhere in the process. That's it.
MY FINAL POINT…
Personal Finance Expert Suze Orman compared Credit Inquiries to scars. She said, "It's only temporary, but it can still hurt your credit score."
Just because inquiries have a short lifespan and they're relatively easy to dispute doesn't mean they should be dismissed.
Fight for every point!
I'll end by saying…
If you don't already have a Credit Repair Cloud account, check it out. It's the software that most Credit Repair businesses in America run on. Just sign up for a 30-Day Free Trial at CreditRepairCloud.com/freetrial
And if you'd like to change lives and grow your own credit repair business, check out our Credit Hero Challenge!
It's an amazing program, and we've got another challenge starting in a few days, so grab your spot right now at CreditHeroChallenge.com!
And remember...
Your Personal Information is the key to a Clean Credit Report.
Keep Changing Lives!