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Have you heard of hard inquiries and the impact they can have on your credit profile? Hard inquiries stay on your credit report for a period of time and can affect your score. It's important to understand the effects of these inquiries in order to manage your credit profile. If you want to take steps to remove them from your report, this article provides helpful tips. Learn the facts so that you can improve your chances of getting approved for new credit!
Hard inquiries, also known as hard pulls, are credit checks made by lenders or financial institutions when you send an application for a loan or credit card. These inquiries persist on your credit report for up to two years and can have a negative impact on your score if there are multiple inquiries in a short period of time.
On the other hand, soft inquiries—such as when you view your own credit report or an employer does a background check—do not affect your score. To learn more about how hard inquiries work and what steps you can take to manage them better, it's important to educate yourself and understand their effects.
Hard inquiries can have a negative impact on your credit score and each one may cause a small dip of around 5 points or less. However, the effects are only temporary, lasting up to 12 months. Multiple hard inquiries within a short period of time may be a sign to lenders that you're at risk and could result in rejection of your application or higher interest rates and fees for granted credit.
It's worth noting that not all inquiries have the same influence on your score—soft inquiries don't make an impact, for instance. Plus, credit reporting agencies usually group similar inquiries made within a specific window together as one inquiry, effectively minimizing their effect on your credit report.
Hard inquiries, also referred to as hard pulls or hard credit checks, are visible on your credit report for up to two years. While they can have a short-term negative impact on your credit score—typically lasting around 12 months—the good news is that the inquiry will no longer be influencing your score once it has expired. It's essential to stay vigilant and keep a close watch on your credit report to make sure there are no unauthorized hard inquiries that could be damaging to your financial standing.
Taking steps to remove hard inquiries from your credit report can be beneficial for boosting your credit score and increasing the chances of approval for new credit. Here's what you can do to remove hard inquiries from your credit report:
Start by obtaining a free copy of your credit report from each of the three major credit bureaus: Experian, Equifax and TransUnion. You're eligible to get one free copy of your report every 12 months.
Once you have the credit report, review it carefully to find any hard inquiries that you want to remove. However, note that soft inquiries such as those initiated by employers or for pre-approved credit offers don't impact your credit score and can't be removed.
You can dispute hard inquiries by submitting a request to the credit bureau, but this process can be challenging and time-consuming. Alternatively, you can hire a reputable credit repair company like Credit Glory who will take over the dispute process on your behalf. We will ensure any inaccuracies are removed from your report for good.
After submitting a dispute request to the credit bureau, it's important to follow up and make sure that any inaccurate hard inquiries have been successfully removed from your credit report. The bureau will investigate the accuracy of the inquiry and make changes to your credit report as needed. Staying on top of the dispute process is essential for ensuring hard inquiries don't have a negative impact on your score.
Hard inquiries can have a temporary negative impact on your credit score, so it's important to understand their effect and take steps to remove them from your credit report. To improve your credit score and increase the chances of getting approved for new credit, consider hiring a reputable credit repair company like Credit Glory who can help you navigate the dispute process and get your score back on track. Contact us today to get started!
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