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1 year limit on inquiries if not employment related?


sweetrock
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Hi guys!

Didn't I read on here that the CRAs can only leave inquiries on your report for 1 year if they are not employment related? Does anyone have any info on this?

Also, I have read conflicting info on this but if you have 10 TL disputes and 5 or so inquiries, would you do one big letter and dispute all of them at the same time or 4 or 5 at a time?

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Nope. This is an incorrect understanding of a general rule. Inquiries are a serious factor in credit scoring calculations for 12 months from the date they occur. After that time, they don't get removed, just cause less of a deduction. It's entirely possible that every inquiry ever generated is listed in your permanent file. FYI: Inquiries from the last 24 months are factored in the score in relation to Insurance policies.

As far as disputing, it really depends on your goals and timetable. But, the general consensus is that's better to dispute only a few items at a time.

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I just got a letter back from the FTC in regards to the inquiries. The CRA's are required to keep the inquiries for 2 years in your files for employment related, 1 year for any other. However, the FTC stated that it is up to the CRA's on how long they keep them on your reports past the mandatory 2-1. I think that is bullshit.

I filed a complaint against EX for violating the FCRA for keeping credit related inq on my file for longer than 1 year. I got a response back and that was pretty much it.

SO according to the FTC 2 yrs employment, 1 year other, and the CRA's can decide according to whatever policy they employ to keep the inq's as long as they want as long as they atleast do the 2-1.

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This is a link to a post by Swede re: the inquiries - gary don't know if the letter you rec'd from FTC would supercede this or not - but I think the more info the more powerful we are.

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=6689&highlight=inquiries+one+year

It states the same thing you got from the FTC minus the part about how CRA's can do what they want

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You can dispute inquiries all you want, but the CRAs don't have to remove them. As a matter of fact, it is actually illegal for them to remove any inquireies. The only thing they are allowed to do, and this is only if they choose to, is to supress an inquiry so it doesn't affect your FICO score or appear on reports furnished to creditors.

In the August 2000 Cohen FTC opinion (http://www.ftc.gov/os/statutes/fcra/cohan2.htm) the FTC specifically answers about correcting inquiries on a consumer report:

"5. When a re-seller furnishes a consumer report to a lender, and subsequently both the lender and the consumer claim that the request for the report was initiated in error by the lender, is the national repository that reports the "inquiry" permitted to remove the inquiry from its file at the request of the re-seller?

No. If a CRA supplies a consumer report, it may reflect that event by an inquiry notation. There is no legal or policy requirement to display the inquiry (other than to the consumer in connection with disclosure pursuant to Section 609(a)(3)). The fact that a consumer report was requested "in error" does not nullify the fact that the report was furnished; that information must be retained by the CRA so that it can comply with Sections 609(a)(3) and 611(d), among other reasons."

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