inquiries on credit report

Discussion in 'Credit Talk' started by carl, Mar 15, 2001.

  1. carl

    carl Guest

    Recently got my credit report from Experion and the other "E" one. The other E one came back as completely clean. The Experion came back with 2 inquiries from collections agencies, and one negative for a 35$ debt (I'm trying to fugure out what that is) What do I do about the inquires? All my bad debts are more than 12 years old. And what effect will that have on my credit?
  2. Gregory

    Gregory Well-Known Member

    That sucks! Who are the inquiries from?
  3. Desdemona

    Desdemona Well-Known Member

    What is an inquiry on my credit report?
    An inquiry is a notation on your credit report that shows that a lender asked to view your report. It says who asked for the copy, when they received it, and (if you ask the credit reporting agencies) their address.

    Can inquiries affect my score?
    Careful study has shown that inquiries are an indicator of credit risk. The more inquiries that appear on a borrower's credit file, the more likely a borrower may be to not pay his or her bills as agreed. However, inquiries have a relatively small impact on your credit score. In a credit scoring model there are other, stronger indicators of future payment performance, such as past payment history and use of credit, that can offset this one bit of information.

    Does every inquiry affect my score?
    No. FICO scores only consider inquiries initiated by you for business purposes. These include mortgage applications, credit card applications and auto loan applications. If you order your credit report from a credit reporting agency â?? such as to check it for accuracy, which is a good idea â?? the score does not count this, as it is not an indication that you are seeking new credit. Also, the score does not count requests a lender has made for your credit report or score in order to make you a "pre-approved" credit offer, or to review your account with them, even though you may see these inquiries on your credit report.

    You did not approve these inquires call and have them removed.
  4. carl

    carl Guest

    Do I just call the company and ask for the inquiries to be removed? thats all I have to do? Is there
    a law or statute I need to cite?
    The inquires are due to fall off in 3 months. Should I just wait it out? I'm not expecting to apply
    for any loans or credit cards in that time.
    Thanks much!
  5. Gregory

    Gregory Well-Known Member

    DO NOT CALL THEM! I would wait it out! That is what they want you to do! They want you to call to have the inquiries removed so they can harrass you to pay the debt. I would hold off for another three months!
  6. Momof3

    Momof3 Well-Known Member

    I agree DON"T call them. These agencies that can't legally collect or legally report these debts on your credit reports any longer do this all the time. They try and "taint" your report with inquiries, I believe they some how get away with this as well claiming it is for business purposes which of course is a bunch of BS.

  7. Erik

    Erik Well-Known Member

    Yeah don't bother calling or trying to remove the inquiries unless you want a BIG fight...
  8. carl

    carl Guest

    Okay, Thanks! I won't call.
    Just to be clear, I would never call the collection company, but I also
    shouldn't call the credit reporting agency , right?.(I think Desdemona was referring to call the cra)
    BTW, how long do inquiries stay on a credit report?
  9. Momof3

    Momof3 Well-Known Member

    Yes don't call the collection agency and if you called the CRA they would only tell you to contact the collection agency anyway. Inquiries stay on for 2 years.
  10. Ron

    Ron Well-Known Member

    I have a couple of them in my credit reports and I don't call them. If you call them, they asked for their money. Just wait unitl they come off from your report.

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