Reply
Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Removing hard inquires also a credit question

[ Edited ]

Credit inquiries are disputable, but only under the CRA dispute process, which permits a consumer to dispute the accuracy of any information of record in their credit file.  The direct dispute process applies only to furnishers of information, not inquiries for furnished information, and thus specifically exempts disputes related to inquniries.

 

The issue of coding of disputes as hard or soft is not per se disputable, as the FCRA does not regulate the coding of inquiries.

The issue under the FCRA is whether or not the inquiree had permissible purpose under one or more provisions of section 604.

Thus, to dispute the accuracy of an inquiry, one must challenge whether or not the inquiree had a permissible purpose.  Unless one has the specific code used to identity the asserted permissible purpose provided by the inquiree, it is a bit difficult to challenge its accuracy. 

 

The CRAs will usually rely, unless provided evidence of clear lack of permissible purpose, on the statement provided to them, and can thus verify without contacting the inquiree.  The FCRA requirement to forward a copy of a dispute to the furnisher of information does not apply, as a credit inquiry is not the reporting of information to a consumer's file, it is just the opposite.  Thus, the exemption of inquiries from the direct dispute process.

Regular Contributor
mmmlive1999
Posts: 131
Registered: ‎12-18-2012

Re: Removing hard inquires also a credit question

I fought to get a HP removed last month.  I had it removed a week after it showed up, but the kicker is that I lost 5pts initially and only gained 2 back after it was removed!

Total waste of time....:smileyfrustrated:

Starting Score: 06/06/2012:FAKO TU 585/EQ 472/ EX 561
Current Score: TU98 688/TU08 644, EQ5.0 679/ EQ 680 (Cap1),
EX 652(Chase)/EX08 655

Goal Score: 700 by 12/2014
CC:Cap1 Venture-$3300, Quicksilver-$1750,Chase Freedom-$2200
Store Cards: Vic.Sec -$450, Walmart-$500 ,Gap $400( as of 3/28/2014)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+