topic Re: removing an INQ after 2 years (not 2y 1m)?? in General Credit Topics

removing an INQ after 2 years (not 2y 1m)??

expatCanuck — Mon, 02 Oct 2023 16:27:19 GMT

Hi folks.

Does anyone know if there's legislation requiring bureaus to remove a hard inquiry after 2 years and, if so, what that legislation is?

(Experian's 25 month s.o.p. is ticking me off.)

Thanks kindly.

Re: removing an INQ after 2 years (not 2y 1m)??

GZG — Mon, 02 Oct 2023 16:34:43 GMT

bing seems to think there's nothing explicit in the FCRA to require inquires deleted on the exact day of 2 years passing, but I'd imagine if you just called in and asked them to remove it because it is over 2 years old, you wouldn't have any problems doing so. whether or not you'd get an automatic delete as opposed to waiting for a dispute to process, I wouldn't know

I'd imagine if there was something to sue over, they would be constantly sued by trolls and they all would have fixed their thing by now to remove inquiries exactly 2 years after

seems like the 25 month thing is just their way of removing inquires and not anything malicious to keep inquires on there longer than allowed

Re: removing an INQ after 2 years (not 2y 1m)??

expatCanuck — Mon, 02 Oct 2023 16:49:20 GMT

I get that.

Assuming that there's legislation somewhere requiring hard INQ removal (why else would they do it?), my thinking is that EXP's way is wrong.

Consider a scenario where one applies for credit on the first of the month. EXP's process doesn't remove that INQ 'til the end of the next month -- 2 years plus almost 2 months.

Re: removing an INQ after 2 years (not 2y 1m)??

JoeRockhead — Mon, 02 Oct 2023 19:25:44 GMT

There is no legal requirement, or law to remove them at, or after the two year mark, this is merely an administrative policy that the CRAs have, very similar to Early Exclusions. I'm sure you already know that they're not factored into scoring after 12 months. Experian, for whatever reason seems to let these linger longer than the other two CRAs. I'd wait and see what happens when the calender rolls over to the next month.

If they're still there, you might consider filing a "too old to report" dispute... for science, and see if that hastens a removal. I know it's aggravating, but honestly I'd just wait it out, I'm sure it will drop off soon enough.

Re: removing an INQ after 2 years (not 2y 1m)??

FireMedic1 — Mon, 02 Oct 2023 20:19:57 GMT

@expatCanuckOne inq removal isnt going to move the needle much. Now if your after a Chase card. That would make sense with 5/24. After BK I had 19 inq's come and go over the 7+ yrs. Never went above 6? When they did fall. Nothing to write home about. Think I'm 1/2/1 now.

Re: removing an INQ after 2 years (not 2y 1m)??

Horseshoez — Mon, 02 Oct 2023 20:32:47 GMT

@FireMedic1 wrote:
@expatCanuckOne inq removal isnt going to move the needle much. Now if your after a Chase card. That would make sense with 5/24. After BK I had 19 inq's come and go over the 7+ yrs. Never went above 6? When they did fall. Nothing to write home about. Think I'm 1/2/1 now.

Agreed; within nine months of my discharge I'd racked up something like 18 HPs; over the next year when they each aged to one year old, my score went up a little bit each time, when they aged to two years my scores didn't change at all, not even a point.

Re: removing an INQ after 2 years (not 2y 1m)??

hdporter — Tue, 03 Oct 2023 11:13:43 GMT

@Horseshoez wrote:
Agreed; within nine months of my discharge I'd racked up something like 18 HPs; over the next year when they each aged to one year old, my score went up a little bit each time, when they aged to two years my scores didn't change at all, not even a point.

Which is what one would expect since only inquiries in the past 12 months are factored in FICO scores. I'm mystified why OP is up in arms about the precise deletion time of inquiries. At 24 months, inquiries are merely a statistical record; there's no evidence that anyone pays attention to old inquiries in arriving at credit decsions.

(And, in reference to an earlier comment: Chase's "5/24" factors new accounts, not inquiries)

Re: removing an INQ after 2 years (not 2y 1m)??

expatCanuck — Tue, 03 Oct 2023 17:37:19 GMT

The OP is OC. No mystery. Tho' I'd offer that "up in arms" is hyperbole.

In any event, for science, I filed a dispute with Experian yesterday. Today, both inquiries are gone.

Given that my EQ and TU scores are ~830 and my EX score is at 808, I'll take whatever I can.

And, yeah, I'm aware of the received wisdom that an inquiry does not impact your FICO score after one year.