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01-15-2013 04:44 PM
Thank for posting this letter, I will also some of these out. I am pretty sure I am responisble for all these inquiries, but still and all.
01-15-2013 05:38 PM
01-15-2013 08:02 PM
Kind reminder to never advocate or suggest disputing of accuate info. If something is inaccurate or misreporting, then by all means. But if inquiries are yours, then don't dispute; they're yours. It's part of the app process. In the case of OP, the scores are FAKOs ( I presume with the EX score) and inquiries will impact FAKOs for 2 years. But per FICO, inquiry damage is overrated and I'm coming from the perspective of having 30+ each on EQ and EX each at one point in time, and all were less than a year.
And for those that did dispute inquiries, watch out for the FA and the slightly less risk of TL closure.
01-15-2013 10:25 PM
01-16-2013 02:35 AM
01-16-2013 05:56 AM
Certainly any unauthorized inquiry is disputable, but there are steps that could and should be taken first. First off, always assume that credit-related CSRs are 100% wrong. There are 100s of posts in here of creditors promising this or that and the opposite happens. So, if CC XYZ promises it'll be a soft inquiry for a CLI request, then know they are wrong (most usually). In terms of CA inquiries, there's a debate for both sides. The FCRA is clear that an inquiry is allowed and there's no law anywhere that prohibits a hard inquiry from being placed by a CA. In the opposite view point, those can argue the 9th Circuit ruling. That's a debate for another day. But whether from a promising creditor or a CA a dispute is the last thing you'd ever want to do.
The step to start with is a non-PP letter. These are often effective. If needed you can follow with a complaint to the BBB, FTC, your state, etc. On the flip side as mentioned, you become more prone to FAs, especially on EQ, when inquiries are disputed. There are rare examples in here of the creditor placing the TL in dispute after a dispute is initiated on the inquiry. An assumption is made that if the inquiry isn't yours then therefore the account isn't yours either because you may be a victim of ID theft. I know that's a stretch, but there are examples in here. For CA inquiries, the risk of being collected upon are elevated when an inquiry dispute is made. The CRA will forward your latest contact info to the CA as part of that dispute process. IMO, the less a CA knows, the better.
01-16-2013 06:08 AM