Hard inquiries can have an impact on your credit, but it is possible to remove inaccurate ones from your credit reports. If you come across hard inquiries that shouldn’t be there, it’s important to dispute them properly. Here’s a step-by-step guide on how to dispute and potentially remove hard inquiries from your credit reports.
1. Review Your Credit reports
Regularly reviewing your credit reports from the three major consumer credit bureaus (Equifax, Experian, and TransUnion) is essential. Look for sections labeled “Credit Inquiries,” “Hard Inquiries,” “Requests viewed by others,” or similar. Soft inquiries, labeled as “requests viewed only by you,” do not impact your credit scores.
2. Look for Unauthorized or Incorrect inquiries
You can request the removal of hard inquiries if you did not apply for a new credit account or did not authorize the inquiry. However, if you applied for credit or authorized the inquiry, it cannot be removed and will remain on your reports for about two years. Keep in mind that not all suspicious inquiries are fraudulent; there may be valid reasons for multiple inquiries, such as working with a loan broker.
3. Act Quickly if You Suspect fraud
If you find an unauthorized hard inquiry, it may indicate identity theft or fraud. Take immediate action by putting a fraud alert on your credit reports, reporting the theft to the Federal Trade Commission, filing a police report, and considering a credit freeze or credit lock. Continuously monitor your reports for any fraudulent accounts that may appear.
4. File a Dispute with the Credit bureau
If there is an incorrect hard inquiry on your credit report, file a dispute with the credit bureau responsible for that specific report. The credit bureaus are obligated to investigate disputes and correct inaccurate information. You can file a dispute online or by mail. Sample credit dispute letters are available online to guide you in drafting your dispute letter.
5. Await the Credit Bureau’s response
The credit bureau will investigate your dispute and determine whether the inquiry was unauthorized. If they find it to be inaccurate or unauthorized, they will remove it from your credit report. Keep in mind that not all disputes are accepted after investigation, but the credit bureaus must investigate your request unless it is deemed frivolous.
Conclusion
Remember, the impact of a hard inquiry on your credit scores varies depending on your unique situation. Regularly checking your credit reports for unauthorized hard inquiries is a good practice. If you find any inaccuracies or unauthorized inquiries, file a dispute letter with the credit bureau to request their removal. While not all disputes are successful, it’s important to take action and ensure your credit reports reflect accurate information.