This is the from the email my Local Bureau sent me today. They are questioning why I went to Consumer Affairs. This is "their" take on inquiries. JANUARY 2002 you are now disputing inquiries. Inquiries are a legal reference for the protection of the consumer. The Federal Trades Commission has determined that they are not to be deleted, but will purge after two years as per the "FCRA" Anyone know where the FTC says they are NOT to be deleted? I want to prove them SOOO wrong.
I was talking to the FTC a few weeks ago. I asked them if the CRA's had to investigate inquiries. She flat out said no. So I asked again to make sure I/she wasn't misunderstanding the question. Again she said the CRA's do NOT have to investigate inquiries.
When a company can "PULL" your credit report for REASON or NO REASON...you should be able to DISPUTE the inquiry for REASON or NO REASON!!!
We will NEVER know...but it is possible that if the "INQUIRY" is removed too soon...MAYBE the CRA'S DON'T GET PAID...(just speculation)...
They can have any position they want, but the law decides what they investigate, not their own personal decisions. The FCRA says a credit bureau MUST investigate any information the consumer believes is inaccurate.
Sometimes, I wonder if the creditor uses that as an excuse to deny you. Until I found creditexpert, my mother had 43 inquiries and would still get approved. If you have 2 you can be denied but if you have 43..approved. It's all a racket and we are the victims, no matter how you look at it.
I asked NEXT CARD for a credit limit increase WITH-OUT a credit report...(forget it if you think you MUST pull one) they pull one...HOW WAS I PROTECTED???
That is all false.... and equifax knows it... Thats why Experian investigates and Tu will if you budge them enough... Equifax is violating the FCRA for refusal to investigate as per the FCRA. The FCRA states we can dispute any information that is contianed in our consumer reports. Kev
I understand the need for inquiries. It allows us to know who has been accessing our personal information. That is commendable, but it should not be counted against us and we should be the only party to see when creditors/potential creditors pull our reports. It really is no one else's business and should not be used to determine scoring. Dani
I agree Dani, well said. I also have NO problems with getting unauthorized inquiries removed, I do have a problem with applying all over god's country and then whining when you have too many inquires. If you don't want them don't apply!!
Well, I am still attacking TU and creditors on inquiries...I won't rest until it's done. It's ridiculous how much info about my habits is released to strangers.
Unfortunately, there is not a single word of truth in the above text. "Inquiries are a matter of record" is the biggest lie ever produced by the CRA's. That's because the credit reports do not merely "note" the inquiry; They also CODE it as SOFT ("below the line") or HARD ("above the line"). Hard INQs kill one's credit score. Coding an INQ as "hard" is, by definition, NOT a matter of record; That's because it suggest not only that company ABC pulled your report, but that it has done so following a credit application. Therefore, anyone suggesting that a hard INQ represents "a matter of record", is without a doubt a moron, a liar, or both. This so-called protective measure has caused the biggest damage to my credit rating, and is one of the most common reason for credit denials. Calling it "protection" insults our intelligence. If it's here to protect ME, how come it's the CRAs that fight so aggressively to keep it while I'm willing to waive that "protection"? Saar
HARD inquiries are bad in excess (that number depends on both your file and the lender) because it SUPPOSEDLY shows risk in trying to take on too much new debt, which is wildly presumptuous in my opinion.
What's the difference between hard and soft inq's? So for example...If I have an inq from cap 1, but no cap1 account...thats why it's bad? Thanks
