topic Re: Hard Inquiries No Longer On Reports for 2 Years? in General Credit Topics

Hard Inquiries No Longer On Reports for 2 Years?

lizmariposa — Sun, 10 Jan 2021 15:43:21 GMT

So I've seen it said before, and it was my understanding, that hard inquiries stayed on one's reports for 2 years from the date they first appeared. Now, they might decrease in importance with time, but they'd stay there for 2 years. One of my inquiries was supposed to go away October of 2021, and now it's not listed there anymore. I know FICO formulations are changing all the time, but I wonder if this is officially a new change?

On a side vent, my scores are lovely as of today, except for Trans Union which has not updated one of my cc balances. Grrr! lol

Re: Hard Inquiries No Longer On Reports for 2 Years?

Shooting-For-800 — Sun, 10 Jan 2021 16:02:23 GMT

They only count towards your score for 1 year.

Re: Hard Inquiries No Longer On Reports for 2 Years?

lizmariposa — Sun, 10 Jan 2021 16:11:25 GMT

That's interesting. It came on September 2019. Which last month, Dec. 2020, it was still there. But every source I've read said 2 years. But hey, if it's 1 year, whoop whoop. lol

Re: Hard Inquiries No Longer On Reports for 2 Years?

RobertEG — Sun, 10 Jan 2021 16:16:04 GMT

Unlike derogs such as delinquencies, charge-offs, and collections, the exclusion of inquiries at two years is not regulated by the FCRA.

The two-year period is entirely a subjective policy of each individual CRA, who has the discretion to remove at an earlier time.

Only the CRA can answer as to why they may have decided to do their housecleaning bit earlier, or perphaps in an isolated situation there was simply a computerized glitch.

Regardless, inquiries are excluded from scoring by Fair Isaac after one year, so removal after 14 months has no impact on scoring.

Re: Hard Inquiries No Longer On Reports for 2 Years?

lizmariposa — Sun, 10 Jan 2021 16:20:09 GMT

That makes sense. I'm relatively new to wanting to manage my credit, and as one does, one tends to go by what's "written out there." But this helps. I'm just happy it went away. lol

Re: Hard Inquiries No Longer On Reports for 2 Years?

Anonymous — Sun, 10 Jan 2021 18:10:05 GMT

@lizmariposa wrote:
So I've seen it said before, and it was my understanding, that hard inquiries stayed on one's reports for 2 years from the date they first appeared. Now, they might decrease in importance with time, but they'd stay there for 2 years. One of my inquiries was supposed to go away October of 2021, and now it's not listed there anymore. I know FICO formulations are changing all the time, but I wonder if this is officially a new change?

On a side vent, my scores are lovely as of today, except for Trans Union which has not updated one of my cc balances. Grrr! lol

Where are you getting your info regarding the HPs?

I have noticed some CMS only show 1 year worth of HPs in the snapshots (I am assuming since scoring wise they only affect you for 1 year). If you did a full pull of your CRs or use a different CMS, you will likely see the HPs are still there and will be for 2 years.

While the affects scorewise are only for 1 year, potential creditors may still take into consideration how many new TLs/HPs there were in the past 2 years. They are still visible.

Good luck!

Re: Hard Inquiries No Longer On Reports for 2 Years?

lizmariposa — Sun, 10 Jan 2021 18:34:57 GMT

Well, the places I've learned about this are generally myFico, CreditKarma, NerdWaller, WallerHub, and Credit Sesame. All of these state -- as well as doing a Google search -- that a hard pull stays on one's record for 2 years. That their effects on one's credit wane over time (after a year usually), but that they stay ont he credit for 2. myFico credit reports updated today, and that HP from 09/2019 is no longer listed. I can't compare it to those other credit websites, as they have not updated for me yet. I can't compare it to the AnnualCreditReport cus I've already used up my freebies for the year. But in fact, even though the influence may wane over time, the TOTAL of HPs one has one one's credit over a year can impact one's score.

It's just a bit confusing to me to not see it listed under my myFico credit reports. They always have, even till last month. But... I'd rather it be gone, so he, I'm not complaining. Just thinking about my expectation for my other HPs on my report.

Re: Hard Inquiries No Longer On Reports for 2 Years?

Anonymous — Sun, 10 Jan 2021 18:44:57 GMT

@lizmariposa wrote:
Well, the places I've learned about this are generally myFico, CreditKarma, NerdWaller, WallerHub, and Credit Sesame. All of these state -- as well as doing a Google search -- that a hard pull stays on one's record for 2 years. That their effects on one's credit wane over time (after a year usually), but that they stay ont he credit for 2. myFico credit reports updated today, and that HP from 09/2019 is no longer listed. I can't compare it to those other credit websites, as they have not updated for me yet. I can't compare it to the AnnualCreditReport cus I've already used up my freebies for the year. But in fact, even though the influence may wane over time, the TOTAL of HPs one has one one's credit over a year can impact one's score.

It's just a bit confusing to me to not see it listed under my myFico credit reports. They always have, even till last month. But... I'd rather it be gone, so he, I'm not complaining. Just thinking about my expectation for my other HPs on my report.

Annual credit report lets you pull your reports for free, weekly thru 4/2021. I would definitely pull those and double check. Just to be certain, but fingers crossed they are gone!

Re: Hard Inquiries No Longer On Reports for 2 Years?

lizmariposa — Sun, 10 Jan 2021 18:47:00 GMT

That's right, because of covid... Thanks!