When you apply for a new loan, credit card, or credit limit increase, the lender or creditor will check your credit report to see if you qualify. This is called a hard inquiry, and it can lower your credit score by a few points. Hard inquiries stay on your credit report for two years, but they only affect your score for one year.
However, not all hard inquiries are legitimate. Sometimes, you may see hard inquiries on your credit report that you don’t recognize or authorize. This can happen if someone tries to use your identity to apply for credit, or if there is a mistake in the credit reporting system. These hard inquiries can hurt your credit score and expose you to fraud.
Fortunately, you can remove hard inquiries from your credit report easily if you follow these steps.
Step 1: Get Your Free Credit Reports
The first step is to get your free credit reports from the three major credit bureaus: Equifax, Experian, and TransUnion. You can do this once a year on AnnualCreditReport.com. You can also get free credit reports from some online services, such as Credit Karma or Credit Sesame.
Step 2: Review Your Credit Reports for Hard Inquiries
Once you have your credit reports, look for the section that lists the hard inquiries. You may see different names for them, such as “requests for new credit” or “inquiries shared with others”. Make sure you recognize and authorized all the hard inquiries on your credit reports. If you see any that you don’t remember or agree to, mark them down.
Step 3: Contact the Source of the Hard Inquiry
The next step is to contact the source of the hard inquiry that you want to remove. You can find their name and contact information on your credit report. You can call them, write them a letter, or fill out an online form to dispute the hard inquiry. Explain that you did not authorize the hard inquiry and ask them to remove it from your credit report. You may need to provide some documents to prove your identity and support your claim, such as a copy of your driver’s license or a police report.
Step 4: Contact the Credit Bureaus
If the source of the hard inquiry does not respond or cooperate with your request, you can contact the credit bureaus directly. You can do this online, by phone, or by mail. You will need to provide your personal information, a copy of your credit report with the hard inquiry highlighted, and a letter explaining why you want to remove it. You can use this sample letter as a guide.
Step 5: Wait for a Response
The credit bureaus have 30 days to investigate and respond to your dispute. They will contact the source of the hard inquiry and ask them to verify its accuracy and validity. If the source cannot do so, the credit bureau will remove the hard inquiry from your credit report. You will receive a letter or an email from the credit bureau with the outcome of your dispute.
Step 6: Check Your Credit Reports Again
Once you receive a response from the credit bureau, check your credit report again to make sure the hard inquiry has been removed. If it has not, contact the credit bureau again and ask for an explanation. You may need to provide additional evidence or escalate your dispute.
Step 7: Monitor Your Credit Score
Removing hard inquiries from your credit report can help you boost your credit score by a few points. However, it may take some time for the change to reflect on your score. Monitor your credit score regularly and look for other ways to improve it, such as paying your bills on time, keeping your balances low, and diversifying your credit mix.
Conclusion
Hard inquiries are unavoidable when you apply for new credit, but they don’t have to hurt your credit score for long. If you find any unauthorized or inaccurate hard inquiries on your credit report, you can take steps to remove them easily. By doing so, you can protect your credit score and prevent identity theft.
If you need help with removing hard inquiries from your credit report, you can also contact Credlocity. Credlocity is a professional service that can help you dispute and remove negative items from your credit report quickly and effectively. Credlocity has helped thousands of customers improve their credit scores and achieve their financial goals. Visit Credlocity.com today and get a free consultation.