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Each hard inquiry lowers your credit score by as much as 5 points

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goodnatured



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Posted on Mon May 26, 2008 5:19 pm  

I don't think so, still nothing
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Mary

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Posted on Tue May 27, 2008 8:35 am  

I think we should decide on the topics which should be there in the article section for the help of forum members. We can directly post our needs through messages in the forum. I think, we ourselves can write articles and post it in the forum too.
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jerry
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Subject: unauthorized inquieries
 
Posted on Tue Jul 29, 2008 9:33 pm  

can the company that inadvertently pulled your credit report several times (auto dealer accidently sent to several lenders. thinking it was another client. miscommunication at the dealership) how do they do that
fireyone



Joined: 26 Feb 2008
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Posted on Wed Jul 30, 2008 11:34 am  

Probaly some mix up at their office. Were you there also for a car loan? If not I would inquire about it at the car lot and ask why they ran your credit without your consent. You would have to consent to have your credit pulled. If it was their error see what they can do to rectify the situation and also contact the credit bureau and explain this was done in error and tell them what the car company said.
Mary

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Posted on Thu Jul 31, 2008 7:16 am  

Hi Jerry
Each time the lender pulls up your credit report, it gets enlisted as a hard inquiry. Each hard inquiry lowers your credit score by as much as 5 points. However these hard inquiries are not valid until they get authorization from you to perform such inquiries as per the FDCP Act. So you can send a letter to the inquirer asking them to remove the hard inquiry listing from the credit report or verify your authorization. This is because if this listing remains in your credit report, it will adversely affect your credit score. In most cases these inquirers simply delete this listing because they cannot verify your authorization.
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fireyone



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Posted on Tue Aug 05, 2008 1:08 am  

Probaly would still take pulling teeth. One thing I have learned that it may be easy for people to do something simple but getting them to do it is usually an issue.
Mary

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Posted on Tue Aug 05, 2008 1:19 pm  

Hi fireyone
The inquirers can easily remove the listing from your credit report by just making a simple request to the bureaus as goodnatured said. However they will only remove it, if it is unauthorized. Now if they don't remove the unauthorized hard inquiry listing from your credit report you may dispute the listing directly with the bureaus or you may even threaten the CA to complain against them to the State Banking Commission if they do not remove the unauthorized listing.
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fireyone



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Posted on Wed Aug 06, 2008 2:08 am  

Wow that really good info. I did not even know you could report them to the State Banking Commission. Actually I nevr even heard of such a thing. Thats something new I just learned and hope everyone else finds this info valuable also.
erb1953



Joined: 31 Dec 2007
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Posted on Wed Aug 06, 2008 5:40 am  

There are many reporting entities out there that we as consumers can use to report abuse, we just have to find them and use them appropriately. The state banking commision in Pennsylvania has direct access to the attorney generals office and when those two get together for tea, somebody is going to answer some questions. These two are the ones that shut down the storefront payday loan vendors through out the state of pennsylvania. And they did it in a matter of months, they are all about protecting their consumers.
Sven



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Posted on Fri Jul 03, 2009 12:14 am  

What is " line number" ? My report just says who and when did the inquiry.
parwin
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Subject: fresh Letter of credit
 
Posted on Thu Jun 03, 2010 7:21 am  

i don't know about fresh L/C' it's confirm Letter of credit or what
Aaron

Aaron

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Subject: reply
 
Posted on Thu Jun 03, 2010 12:19 pm  

Hi Sven:

Line number is the number of the line where the inquiry has been mentioned.

Parwin:

Letters of credit are the ones used to write letters to the creditors, collection agencies, credit bureaus, etc. These letters of credit can be like Dispute letter, Pay for delete letter, Debt validation letter, etc. However, I have never heard of Fresh letter of credit. Can I know here from have you got this phrase? This may mean sending a fresh or rather new letter.

Hope this helps.

Regards,

Aaron
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goodnatured



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Posted on Mon Jun 14, 2010 3:44 am  

I did not know that you could report anyone to the state banking commision either, will have to do some looking up on our states banking commission site. Thanks for the information.
vfsalinas05



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Subject: inquiries..
 
Posted on Fri Jun 25, 2010 1:03 am  

i read somewhere that credit bureaus will only consider removing inquiries that are more than two years old..is that correct?
Aaron

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Subject: inquiries
 
Posted on Sat Jul 03, 2010 11:05 am  

Hi vfsalinas,

Yes, hard inquiries that are two years old, and are still there on the credit report, can be disputed. Hard inquiries (authorized ones) cannot be removed before two years.

Thanks,

Aaron
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