How To Remove Unauthorized Credit Inquiries From Your Credit Reports

by David Faulkner

A credit inquiry is done to verify who received your credit reports and when. The credit agencies do keep a complete track of who received your credit statement and for what purpose. Some inquiries do reduce your credit score, but not in all cases. Some inquires which are not a problem are Inquiries regarding court orders, Order of your own credit report from authorities, applying for a job, applying for home owner's, auto or rental insurance etc. Inquiries that do have a negative effect on your credit score are applying for a government license, allowing someone to access your credit, collection of debts. The credit score is calculated not only keeping in view the current unpaid bills but the complete account history and accordingly they analyze whether their money with you is safe or not and what more can be offered to you. How much can a credit inquiry lower your credit scores?

Knowing that the credit inquiries have an adverse effect you will definitely try and evaluate what actually the results are. There is no correct answer to this but one can make an assumption. Age factor comes into play here. A person with 60 years of credit history will be placed differently as compared to a beginner. Someone who has already faced a financial crisis will be treated differently. According to the studies, approximately 12 points are lost in case of bankruptcy.

Unauthorized Inquiry

This is the case when somebody tries to access your report without your consent. These inquiries have the worst effect on credit scores, so they must be handled seriously and tactfully. If somebody tries to get inquiry of your account you can write to the authorities asking for a proof. If they are unable to provide results you can post a conflict. You can even sue the company in case they are not able to provide you with proofs. All you have to do is make three copies of a dispute letter and mail it to all the credit reporting agencies. Then the authorities will need to act accordingly, inquire the lender and let you know about all the details. In case the authorities fail to send to a complete report (called as 'willful noncompliance), they are in trouble but this doesn't happen a lot especially in the case of reputed companies.

Remedies to inquiry disputes

In case you report a dispute to the company and they fail to respond back and clarify their point, then you have all the reasons to sue the company. One must keep a few things in mind before going on with this step like keeping a track of your credit scores just before the incident and after it. This will definitely help you claim the damages clearly and strongly. Say your disputed inquires cause you a reduction in your credit score from 580 to 568, the authorities will have to pay for it if you are able to prove their default in the case. Even the company itself can track back the complete information but its better for you to keep all information with you before hand. So if you are looking for a way to boost credit score ratings to provide you with a much sounder financial base, you must follow the instructions.

One of the agencies has an on-line reporting system, but it is not very user friendly. The window is tiny and in order to read a sentence, you have to scroll from left to right. The best way to notify the credit bureaus of your disputes is to send them a letter. Letter writing suggestions are included in many books with credit repair tips. but you can view a perfectly usable example of a dispute letter at the Federal Trade Commission's credit website.

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You can also find more info on credit check loans and bad credit repair. Creditscorereportguide.org is a comprehensive resource to find guidness about credit score.

source:www.goarticles.com