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Inquires on credit reports

Submitted by sqrlrmn on Fri, 02/19/2010 - 07:58
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Hi all: How would I go about getting inquiries removed from my 3 credit reports? I bought a car recently and the dealership hit a few banks before I was approved.


Multiple auto loan inquiries do affect your credit score, but if made within a window of a specified number of days, such as 14 (the exact number of days for this window varies with the version of FICO being used), they count as only one in your scoring. They all appear in your CR, but FICO "de-dupes" them when scoring your credit file.

Auto-related inquiries require a permissible pull. Were you just inquiring around, or did the pulls result from your actual application for credit? The FTC issued a lengthy opinion letter several years ago addressing when an auto inquiry is permissible, and their opinion is that the transaction must involve more than just shopping, it must have been direclty related to an actual purchase or application for credit. A very complicated issue.

If you do decide to dispute the permissible pull authority for any inquiry, be advised that you cannot use the direct dispute process under FCRA 623(a)(8). The enacting regulations for that process specifically exempted credit inquiry matters from the direct dispute process. Any dispute must be made through the intermediary of a CRA. While inquiries remain in your credit file/report for two years, FICO discontinues any scoring of them after one year. Thus, by the time you go through a dispute process, the inquiry is usually about to be removed from credit scoring, so it is often not worth the hassle.


Submitted by Lian on Fri, 07/15/2011 - 02:51

Lian

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