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How to Remove Unauthorized Credit Inquiries From Your Credit Reports
By Stephen Snyder
A inquiry is nothing more than a record of who pulled your reports and when. It's a federal requirement for the reporting agencies to keep a comprehensive record of these inquiries for 24 months.Some inquiries lower your scores and some don't, so it's important to recognize the difference between the two.Inquiries that Don't Lower Scores1. Inquiries in response to a court order2. When you ask for a copy of your own reports from an authorized source3. When you apply for a job4. When you apply for homeowner's, auto, or renter's insurance5. When an investor wants to buy a pool of loans from a lender6. Account management inquiries7. Request by the local child support enforcement agency if it's to assess what you should pay in child support8. Utility inquiries (e.g., gas or electric)9. Promotional inquiriesInquiries that Lower Scores1. When you knowingly give permission to someone to review your credit2. When you apply for a government or professional license3. Someone has permissible purpose to review your credit4. Request by the local child support enforcement agency if it's to collect child support5. When a collection agency tries to collect a debtHow much can a inquiry lower your scores?Now that you know which inquiries can lower your scores, wouldn't you like to know by how many points they can lower them?Unfortunately, there's no one right answer to that question. If anything, there are at least 10 answers to that question.You see, there are 10 different ways that Fair Isaac scores us. For example, your 80-year-old grandmother who has had for 60+ years will be scored very differently than your 18-year-old teenager. And someone with a prior bankruptcy will be scored differently than someone without one. Those are just two examples.For bankrupt people, I've found through independent research that each inquiry can lower scores up to 12 points.For non-bankrupt people the number of points could be the same, lower or even much higher, if you don't have much credit. It's extremely difficult to predict exactly how many points an inquiry will impact your scores unless you were on the team that created the FICO risk scoring model.How long do inquiries stay on your reports?Credit inquiries can remain on your reports for 24 months, but they only affect your scores for the first 12 months.If there's an inquiry on your reports that you initiated, but it's older than 12 months, it no longer affects your scores, so it's harmless.So far we've talked about authorized inquiries. But there are also unauthorized inquiries that appear on your
