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Hello,
On my experian there are about 20 hard inquiries, on equifax there are about 12, and on transunion there is a whopping 31. Most companies are inquiring between 1-3 times on varying dates spanning the past 2 years. My scores are 600, 599, and 559. I have been recently paying a lot more attention to my credit reports and these inquiries are killing me. The rest is a high percentage of credit card debt that I am paying down (I only have about 3k in credit card debt). My goal is a score of 640 to get a FHA home loan.
I wrote up this letter to send into the different inquiry creditors, this is an example of it below. My question is with about 20 letters to send out I can't afford the Certified with Return Reciept postage. How can I go about this economically but look serious without using CRR? How many points will my credit jump from removing some of these hard inquiries, is it worth the time invested? I have the letters printed and ready to mail.
Attention Credit or Legal Department of:
GECRB
RE: Unauthorized Credit Inquiries.
February 1st 2012
To whom it may concern;
I am writing in response to an inquiry placed on my credit report on the date(s) of 12/26/11, 12/28/11.
I did not authorize this credit inquiry, nor do I recall applying for employment or credit from your company or any of its affiliates. I know and understand the law, and you cannot put an inquiry on my credit report unless I authorize it. Please have this inquiry removed and be reminded of:
FCRA § 616. Civil liability for willful noncompliance [15 U.S.C. § 1681n]:
"(b) Civil liability for knowing noncompliance. Any person who obtains a consumer report from a consumer reporting agency under false pretenses or knowingly without a permissible purpose shall be liable to the consumer reporting agency for actual damages sustained by the consumer reporting agency or $1,000, whichever is greater."
If I am in remiss and this inquiry was indeed authorized whereby you had my explicit authorization to put this inquiry on my credit report then please send me proof of such. I expect the inquiry deleted within 30 days if you cannot furnish my explicit authorization, or a payment of $1,000 for the damages if the time frame to remove this inquiry is longer than 30 days.
Hi - and welcome to the forums !
First of all how many inquiries are showing on each report within the last one year ? That is what FICO scoring cares about. Inquiries lose their scoring hit after one year, but will still show on your CRs for two years.
Secondly, are you really saying that you didn't apply for credit ? Did someone else apply with your information ? If these are yours, just leave the inquiries alone, they are very likely not hurting your score that much.
If you have negatives, lates, baddies, etc.. on your report then spend your time working to clean them up.
Welcome to the forums,
Inq's report for 2yrs, but only hurt your credit score for 1 year.So I would concentrate on the inq's that are 1 year old and less.
Have you seen the non-authorized inj letter in the Freq Req Threads?
Here's a link http://ficoforums.myfico.com/t5/General-Credit-Topics/Non-Authorized-Inq-Letter/m-p/6469
I'm not very good at writing these types of letters, so I'll let others reply about your letter.
Hi I am going to do that and only focus on ones 1 year of age or less. I never applied for any of this stuff. I have paid as agreed student loans and 4 credit cards and 1 car loan. I have only 2 times where I've had a late on 1 paid off credit card from WAMU when they switched to Chase and 1 late from a BOFA credit card that is now closed. I was going to try to GW letter the 2 lates and then write to the companies who made the hard inquiries. I also made letters to initiate security freezes in the mean time to try to curb the inquiries.
Think I can get my scores above 640? I know my credit card balances I carry have been around 85-90% they used to be maxed, so I have been paying them down more.
Hi I am going to do that and only focus on ones 1 year of age or less. I never applied for any of this stuff. I have paid as agreed student loans and 4 credit cards and 1 car loan. I have only 2 times where I've had a late on 1 paid off credit card from WAMU when they switched to Chase and 1 late from a BOFA credit card that is now closed. I was going to try to GW letter the 2 lates and then write to the companies who made the hard inquiries. I also made letters to initiate security freezes in the mean time to try to curb the inquiries.
Think I can get my scores above 640? I know my credit card balances I carry have been around 85-90% they used to be maxed, so I have been paying them down more.
I have no collection accounts/judgements, just 2 lates, high balances on my credit lines (most my cards are $250-750 limits and most were maxed but I've been paying them down), and all the inquiries. My oldest account is 3 years old. I also have paid as agreed student loans and 1 car loan from Capital One paid as agreed. My goal is to lower my car payment by refinancing (26% interest rate) and obtain a home loan for $100-$150k without needing 20% down.
The fastest way to increase your score, would be to pay down the CC balances, idelly to 9%.
I understand with low limit cards it's easy to max them out quickly. But the good thing is the balances are low.