Rebuilding Your Credit

[Sdenisew]

Is there anything that I can do about the ginormous amount of inquires on my credit reports? Some are still within the two years that I'm 35% sure are my doing, but the majority of them are coming from CAs. Can I have these removed?

Oh and another question. Scorewatch just informed me that my EQ report just dropped 7 pts. due to a CA inquiry. Now I'm down to 498 again That light isn't looking so bright anymore (

[sidewinder]

Inquiries that are initiated by you will remain for 2 years......nothing you can do.

Inquiries affect your score for two years.

Are the debts that are held by the CAs pulling your report within or out of SOL?

[tonsers]

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dondk wrote:

As I understand (and I am new, so I may be off), for the 1st year the inquiries matter, past a year they don't count against a score.

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I believe you are correct.  The inquiries will show on your report for two years, but they only count against your score for one year.

[demed]

the thread about removing EQ account review inquiries is running on a different board and I am not interested in exploiting system glitches. from a scoring standpoint, you only have to worry about hard inquiries, the inquiries visible to others. these are counted for credit score for 1 year, but stay on your report for 2 years. 

According to me, CAs do not have permissible purpose for hard inquiries - while FCRA sect 604 (a)(3)(A) allows a third party to receive a consumer report if the third party "intends to use the information in connection with a credit transaction involving the consumer . . . and involving the extension of credit to, or review or collection of an account, of the consumer." 

The FCRA (Section 604 (c)(1)(A)) states that the user must provide permission for inquiries that are visible to others.  

(c) Furnishing reports in connection with credit or insurance transactions that are not initiated by the consumer

     (1) In general. A consumer reporting agency may furnish a consumer report relating to any consumer pursuant to subparagraph (A) or (C) of subsection (a)(3) in connection with any credit or insurance transaction that is not initiated by the consumer only if

          (A) the consumer authorizes the agency to provide such report to such person 

This reinforced in the very same Section 604 (c)(3) Information regarding inquiries. Except as provided in section 609(a)(5) [§1681g], (§ 609. Disclosures to consumers [15 U.S.C. § 1681g]) a consumer reporting agency shall not furnish to any person a record of inquiries in connection with a credit or insurance transaction that is not initiated by a consumer.   

Hard inquiries are seen by others - if they are not initiated by the consumer's own volition in search for credit or insurance, they are ILLEGAL

[oohhjamila]

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demed wrote:

  Hard inquiries are seen by others - if they are not initiated by the consumer's own volition in search for credit or insurance, they are ILLEGAL

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Question: I applied for an online auto quote, but the form only asked for basic info, like name, address, phone number and type of car interested in. I expected a phone call asking me for more information, and they called several times but I didn't answer. Next thing I know there's an inquiry. Does that mean I authorized them to pull because I gave them my basic info NOT including ssn?

[ByrdMan]

INQs count against your score for one year. If they are yours, then you have to wait it out. You should not dispute any entry that belongs to you, including entries.

[demed]

oohhjamila,

in general, an inquiry for credit, whether via web, phone or in a store, would result in a hard inquiry with PP. They should have made clear to you that they would have had to make an assessment based on your credit report. I can't tell you whether their site was clear or not, or whether the site was wilfully reticent about their practices.

So, in short, unless you can prove the contrary, assume that the inquiry is legit. Good news is that the CRA should couple all your car credit shopping inquiries within 2 weeks into just one for scoring purposes.

[atl]

Inq's are nothing really anyways, unless you have a ridiculous amout of them, then when you apply for credit you will get denied for Inq reasons. Dont sweat it.