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Determined1

Hard Credit Inquiries - How to remove errors?

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Hi,

 

I recently applied for credit and was surprised I was turned down when the bank pulled the bureau I thought I had a very strong credit rating with. The reason was too many inquiries. I reviewed my report, and sure enough, there were about 16 inquiries. However, most of them come from current creditors, or banks / credit unions where I have business and personal checking and savings accounts. 

 

I was surprised to see most of these as hard inquiries, negatively affecting my credit. When I opened the checking and savings, I was advised they would all be "soft pulls" by each credit union. The others are from current creditors, ie. credit cards. I'm not past due on anything, nor in any kind of collection status and not in any litigation. I would assume credit card banks would do normal periodic credit reviews via soft pulls, but these are all appearing as "hard pulls." The cumulative effect over the past two years was to negatively affect my credit.

 

I believe out of the 16 hard inquiries at least half should be soft pulls. I disputed in writing with the one credit bureau where they all appear and my disputes have been denied twice now. Has anyone come up with any new strategies on disputing inquiries, or how to deal with this scenario? I'm concerned that just going back to the banks will be a lost cause, and quite difficult to find any individual in the "credit inquiry department."

 

Thank you.

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Take a copy of the credit report to the branch of the credit union/bank and sit down with the manager or loan officer and ask them to look at their records on the specified dates and explain why a hard pull was done on your credit as you do not recall applying for any new cards or accounts and the number of inquiries seems excessive. 

 

If they do not have an explanation then I would ask that they be removed.  Beyond that the only time I have had a hard inquiry removed was one I disputed from a JDB that did not have a permissible purpose to do it in the first place.  

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It's a good suggestion @Clydesomom, and I did just that with one Credit Union. I got the inquiry removed. However, the others are not local credit unions and one is a large national bank. Unfortunately, neither of these credit unions or banks have branches in Florida.

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Look up the FCRA. There are "abusive" hard pulls, and a large number of them in a short time by the same entity may be grounds for suit.

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@Wins the Battle, I think in my case its been a slow cumulative effect. I know some parties out there do engage in abusive hard credit pulls and in the past I've had that happen. However, I would not want to sue banks and credit unions I have a great relationship with.

 

I wonder if anyone has had success in disputing with credit bureaus in this type of situation. In effect, I'm not asking them not to remove the inquiry, just to move it to the soft pull section.

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@Determined1

 

I'd try disputing the inquiries with the CRAs.  If nothing happens, I'd contact the banks and ask why there are hard inquiries vs. soft.  Considering you have a good relationship with those banks, if payments on any loans have been timely, and you haven't recently pursued loans with them, I don't see why they'd be making hard inquiries.

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@Determined1

 

I'd try disputing the inquiries with the CRAs.  If nothing happens, I'd contact the banks and ask why there are hard inquiries vs. soft.  Considering you have a good relationship with those banks, if payments on any loans have been timely, and you haven't recently pursued loans with them, I don't see why they'd be making hard inquiries.

And...the rules state that hard pulls are only for permissible purpose...and "just because" isn't a permissible purpose.

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