Many changes don't generate alerts. In my view, only relying on alerts is a bad way to monitor credit. Unfortunately, MyFICO doesn't offer a daily credit report / FICO score service, but some other places do, such as Experian.
1 inquiry alone doesn't drop score by 92. Drop could be due to new / updated collection accounts, old closed accounts in good standing that have dropped off, very high utilization, recent lates, etc.
Some creditors / debt collectors, such as Midland, update their tradeline (TL) monthly continuing to keep one's score low. However, some stop reporting and the TL ages - this helps one's score, but if at some point an old collection updates, that alone can drop one's score a lot. That may be what happened, likely along with some other things in combination...
Only way to really know is pull one or more of credit reports at AnnualCreditReport.com or visit one of the free places, such as CreditKarma - not the best, but it shows a decent amount of detail for TransUnion and Equifax, and probably good enough to get a feel for what's changed. Or if still concerned and all your free annual reports are used up for the year, consider paying for a credit report(s) via MyFICO, Experian, etc.
Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !! 
