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User592954
Posts: 37
Registered: ‎06-16-2012
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Anyway to dispute credit inquires?

[ Edited ]

I was a ghost last year and I went to two dealers to try to get the installment loan I needed to show on my bureaus

So they submitted to dozens of banks

So now my bureaus are climbing but there's dozens of inquires I never authorized

Anyone ever have any luck disputing inquires done in bunches, I know the BS that a bunch of inquires at once just shows you are shoppng

BS

These all show as hard inquires and there's way too many and now they're almost half way to drop land

But I wanted to expedite the drops

You go to a dealer and they shoot your credit to over a dozen banks, that's crazy but its on my bureaus

I know it's effecting my score some, but the biggest problem is nothing is too old, it's all new from a ghost rebuild

So once the huge amount of inquires drop, I expect to go from 750 beacons to high 700's

Then with a paid off car loan soon, a bump to 800 range

Then with 3 or so more years in bureaus it should hit the 850 range

I got a nice mix of store cards that had high purchases and are now all 0

All my CC's are decent lines and 0's

I got a relatively new low car loan on an expensive car with a first rate bank

The only thing keeping me in mid 700's is age of the credit all within 2 years

Plus 40+ inquires

And a high baance new loan that is less than 50% of the value of the ride

So the auto loan will be paid off soon, but the inquires are sitting there and I know that most of it was from a couple of dealers

So I was wondering if anyone ever disputed inquires

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Anyway to dispute credit inquires?

Update

Equifax does have an on-line dispute process for inquires

So I just checked off all the banks the dealer shopped me at

I didn't give them permission to bang my file 12 times that day

I'll post when I see the results

So at least equifax has an on-line way to dispute multiple inquires

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
0

Re: Anyway to dispute credit inquires?

You can dispute them, but they will not likely be deleted.  When you go to a dealer and authorize them to run your credit and work on obtaining financing, you authorize any and all banks they contact to run their own credit inquiry.  As long as they are all done within a 30 day period, they will all count as 1 inquiry towards your credit score.  You will see all on your report though.  If you apply for other credit while they are there and you are declined due to too many inquiries, you just need to call the backdoor number for a recon.  When you explain that they are all inquiries for one auto loan, they will override their decision; provided the inquiries are the only reason you are being declined.

 

Having inquiries removed is very difficult; unless you contact the bank directly and ask for a removal.  Even then it is difficult.


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


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llecs
Posts: 32,880
Registered: ‎08-04-2007
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Re: Anyway to dispute credit inquires?

Ditto to the above. I saw another post of yours and gave a thorough answer, but in short...

 

FICO only scores inquiries for 1 year, even though they report for 2. For auto, mortgage, and SL inquiries, FICO has a duplication period of 30-45 days generally. The duplication window varies by CRA and FICO version used. So, you can app 20 times in a couple of weeks, but FICO will 19 of those if coded as an auto inquiry. You can see inquiry coding via the permissible purpose listed via your CRs if pulled directly from the CRAs themselves or annualcreditreport. This window is in place so you can rate shop to get the best deal.

 

FAKO scores, like from Equifax.com or Experian.com, do not duplicate inquiries.

 

"Beacon" is a brand name for the FICO version used by Equifax. MyFICO.com offers an EQ FICO called "Beacon 5.0" and is the same FICO used by most mortgage lenders. Many auto dealers will use lenders that pull an auto-enhanced FICO.

 

I agree on your mix of CCs, but there are quite a few posters on here who hit into the 800s with no auto loan and no mortgage. Hitting 800 is dependent on credit age.

 

Oddly enough, all $0 balances can actually ding your FICO. Let one CC report under 9% of your CL for an added boost.

 

FICO largely ignores the balance and org. loan value of installment loans (car, mortgage, etc.). In other words, paying off a car generally won't help your score, but will save you interest. Conversely, your score won't plummit when adding a $500k mortgage.

 

Don't dispute inquiries. If you do expect a fraud alert.

 

BTW, if your loan is about to be paid off, how quickly are you paying it off? If the inquiries are older than a year, they aren't hurting your FICO anyway.

 

 

New Member
User592954
Posts: 37
Registered: ‎06-16-2012
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Re: Anyway to dispute credit inquires?

[ Edited ]

Yep age is the key to 800, but having a mix is the way to 850, no one is hitting 850 without an installment and or maybe a mortgage

Revolving alone isn't gonna hit 850

Anyone carrying a balance on credit cards is foolish IMO due to interest rates,  if they have the money zero them out, as long as you use them and they're live, having a zero balance won't effect them IMO, use is the key, as long as you use them occassionally then the banks make money from the merchants, sure the banks love to make high interest rates, but their bread and butter is in merchant fees,  like I said, I always  max out a new card and then pay it off before it hits the first report, all I want is a report showing X CL and Y Max Used, the bureaus care more about USE and payment on a new card then current ratio available, no one can convince me having debt is better than no debt, I've analyzed thousands of business owners credit reports over the years since my companies have always given credit to clients, so I've seen enough platinum scores to see the pattern with a niche of users (usually small business owners) and they all follow patterns, low or no revolving debt, paid off car loans and a mortgage that is current. The bureaus are supposed to gauge ability to pay back, not debt, if you have to owe money, it's costing you to have a credit rating, ability to borrow and history of pay back is what the bureaus are really analyzing IMO, as new cards ages they gets full fico value IMO, but having CL's that you used recently and carrying zero debt is fine, most people with the zero balance problems that see drops in fico don't use cards, so that's the hit, if you use them, pay them off, that's my advice, so you pay nothing in interest, yet you workout your lines, that's my strategy, plus the constant use allows you to up the CL's very quickly, a bank sees you using a card with a low line and paying it off a couple of times a month, they will up the line fast to try to get you trapped in interest payments, since you've proven the ability to pay large monthly payments, banks look at payments, bureaus look at age of card, then CL and then MAX you used, then they look at available credit and your crrent debt load, zero revolving debt is usually the status on the highest FICO scores, just track those with scores over 850 and see how most will carry no revolving debt yet have huge CL's, owing money is not the key to credit IMO, it's paying off large debt so you can flex CL's and have a proven ability to pay off debt that gets the highest scores IMO

 

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Anyway to dispute credit inquires?

As to removing disputed bills, i'll know in a month or so if all these BS unauthorized inquires were removed,unlike most people, Iknow what I sign, I walk out of dealers that have blanket clauses to shop my credit, I put on apps PERMISSION TO RUN ONE TIME, so let any of these places that ran my report come up with a signed document saying I gave them permission, I know what I signed and what I put on top of any credit app, PERMISSION TO RUN ONE TIME, you think these dealers are giving copies of documents to banks to run reports NO way, if they did they would see RUN ONCE ONLY on my apps, so they put you in a computer and then the computer dominoes you down their pipeline, no approval preferred lender 1, shop at 2 then 3 then whatever, before you know it,their computers ran you 9 times, so I'm gonna see if the bureau removes the reports then I'll see if it improves my score, I know I should be 800 now, but these inquires are the only 'neg' on my bureau, you look at my report and say, wow lots of CL and zero debt high max useage 20+ years in bureaus at same job, no aged debt but all the stuff you need to be 800+, if anything was aged I would be 850 now. SoI know these excessive inquires are hitting me close to 50 points, can I prove it, not today, but after the inqs are removed on EQ then I can say SEE I WAS RIGHT I was getting a major drag due to INQs, if they get removed, and not pop, I'm wrong, if EQ refuses to remove them, OK, I got over 500 attorneys as clients, I get one to threaten a lawsuit over none of these inquires having a signed document saying they could run my report, last thing EQ want is guy lawyered up questioning their right to have false info in the bureau, show me signed documents where I gave a dealer the right to run my report 9 or 12 times IT DOESN'T EXIST so I know the Inqs will be removed and if I got to get one of my lawyers to send a threat I will do it. Bureaus must have ONLY ACCURATE INFO IN IT, none of those inqs had my permission and yeah I PUT PERMISSION TO RUN ONCE on every app. So if no app can be produced by those banks they will have to remove it. If not, then one of my lawyers sends them notice they are knowingly carrying FALSE NEGATIVE INFORMATION in my file, REMOVE IT NOW or see you in court.

 

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: Anyway to dispute credit inquires?

We're not disputing what you signed or didn't sign...just saying that per FICO, they aren't hurting. If you want to go after them due to the principle, then that's different. I suspect what you are seeing are either two different FICO versions, or you are looking at a credit monitoring service and their non-FICO score.

 

Car dealers pull an auto-enhanced FICO most of the time. This score cannot be purchased anywhere, not even here. If you indeed purchased a FICO score from myFICO.com, and compared the two, you can easily see large double-digit differences in some situations.

 

If you got your FICO score from a dealer or some other source that provides FICO scores (there are only a couple others outside myIFCO), and if you purchased a score from a service via Equifax.com, Experian.com, TransUnion.com, CreditKarma, Credit Sesame, Quizzle, or a hundred other places that sells scores, then you are comparing apples to oranges and that can account for the score difference. These sites do not sell FICO scores. I've purchased scores from these sites to compare to a FICO and on the same day have seen 100+ point differences. Ignore FAKOs.

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: Anyway to dispute credit inquires?


llecs wrote:

We're not disputing what you signed or didn't sign...just saying that per FICO, they aren't hurting. If you want to go after them due to the principle, then that's different. I suspect what you are seeing are either two different FICO versions, or you are looking at a credit monitoring service and their non-FICO score.

 

Car dealers pull an auto-enhanced FICO most of the time. This score cannot be purchased anywhere, not even here. If you indeed purchased a FICO score from myFICO.com, and compared the two, you can easily see large double-digit differences in some situations.

 

If you got your FICO score from a dealer or some other source that provides FICO scores (there are only a couple others outside myIFCO), and if you purchased a score from a service via Equifax.com, Experian.com, TransUnion.com, CreditKarma, Credit Sesame, Quizzle, or a hundred other places that sells scores, then you are comparing apples to oranges and that can account for the score difference. These sites do not sell FICO scores. I've purchased scores from these sites to compare to a FICO and on the same day have seen 100+ point differences. Ignore FAKOs.


To the OP; I will say this: I disputed a large majority of the inquiries on my credit report when I first started about 2 years ago. At the risk of being edited by the mods, they were definitely frivalous and I was just doing it to try to get a little score boost prior to understanding FICO the way I do now.

 

I was able to get a couple removed, but the hard lesson I learned was the non-stop flippin' fraud alerts they kept placing on my credit report, because the bureaus were thinking my disputes were due to fraud.

 

It was a lesson learned. I am glad I tried it, I don't think I would try it again though.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
0

Re: Anyway to dispute credit inquires?

[ Edited ]

It is a huge waste of time and effort to dispute these (IMO).  I just got a car loan and all the inquiries that were run for the auto loan by all the various banks (there were 9 of them if I remember correctly) only dinged my score by 1 point.  Seriously - 1 point.  Nothing else on my credit reports changed in those couple of days that the inquiries hit.  Why in the world would you fight to get them removed if they are all counted as one inquiry (for scoring purposes) and the "1" inquiry hurts your score so little?

 

Also, why ask a question on this forum if you are going to just go on a rant about what you believe to be "correct" and the action that you are going to take is "x" despite that everyone is telling you that action "y" is in your best interest?  You carry on about all the "resources" that you have with all the "money" that you have and all the "knowledge" that you have.  Why bother with asking anything on this site at all?  And for someone who "doesn't have the 'time' to 'waste' on a forum," you sure do have a lot to say on here quite frequently.  Just saying...


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


Take the FICO Fitness Challenge ~ In the garden until June 2013!
Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: Anyway to dispute credit inquires?


AZHeather wrote:

It is a huge waste of time and effort to dispute these (IMO).  I just got a car loan and all the inquiries that were run for the auto loan by all the various banks (there were 9 of them if I remember correctly) only dinged my score by 1 point.  Seriously - 1 point.  Nothing else on my credit reports changed in those couple of days that the inquiries hit.  Why in the world would you fight to get them removed if they are all counted as one inquiry (for scoring purposes) and the "1" inquiry hurts your score so little?

 

Also, why ask a question on this forum if you are going to just go on a rant about what you believe to be "correct" and the action that you are going to take is "x" despite that everyone is telling you that action "y" is in your best interest?  You carry on about all the "resources" that you have with all the "money" that you have and all the "knowledge" that you have.  Why bother with asking anything on this site at all?  And for someone who "doesn't have the 'time' to 'waste' on a forum," you sure do have a lot to say on here quite frequently.  Just saying...


^^^^^^^^^^^ THIS!

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX

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