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Last Updated: 14th March, 2022 When it comes to lenders assessing you as a prospective borrower, hard inquiries play a big role. They are one indicator of your creditworthiness. If you’re curious about hard inquiries, we’ve got you covered. What Is A Hard Inquiry?Hard inquiries occur when you apply for a home loan, credit card, or other finance. They involve the lender analysing one or more credit reports to see if you fulfil its credit score requirements. It’s also known as a hard credit check or a hard pull. Soft inquiries, in contrast, might occur at your request or without your knowledge; for example, when you wish to examine your credit report or when lenders check your credit before sending you a pre-approval offer. A common misconception is that checking your credit history will hurt your score, but this is not the case. Soft inquiries don’t affect your credit score. Hard inquiries do often lower your credit score by a few points. A high number of hard inquiries on your credit file can suggest to lenders that you are a higher risk. At A Glance
Can I Dispute A Hard Inquiry On My Credit Report?Yes. You are allowed to remove hard inquiries from your credit report if they are based on inaccurate, incomplete, unverifiable, unauthorised, or fraudulent information. Scenarios Where You Can Dispute
Scenarios Where You Can’t Dispute
How Do I Dispute An Unauthorised Hard Inquiry?If you discover an unauthorised hard inquiry on your credit report, you can file a formal dispute and request that the hard inquiry be deleted. You file the dispute with the credit agency that has placed the inquiry on your report. The credit agency will be one of these:
The Process
If you’re not sure how to go about it, you can take help from a credit repair agency to assist you with claims removal and other actions that can help your credit score. Our expert mortgage brokers can help to put you in touch with a good credit repair service. Call us on 1300 889 743 or fill out this free online assessment form. You can track your request’s status through the credit agency’s dispute centre once you’ve submitted it. In most cases, the dispute resolution process will be completed within 30 days. How Do I Protect Myself From Fraudulent Hard Inquiries?Inaccurate information on your credit report is uncommon, but it does happen. Check your credit report regularly to avoid fraudulent and other incorrect information going unnoticed. Review what’s listed and keep an eye out for anything unfamiliar. It’s impossible to prevent all identity theft, but keeping track of your credit history will keep you in a better position to stop a bad situation from getting much worse. You should also consider placing a fraud alert on your credit record as soon as you think you are or may be a victim of identity theft. This will make it more difficult for criminals to start a new account in your name. Putting your credit report under a credit freeze provides even more security. A freeze prevents companies from making any inquiries. While you’re looking for a loan or credit, you can unfreeze your credit report to allow a legitimate hard inquiry to go through. A few tips
Let Us Help You!The higher your credit score, the less danger you present, and the more likely you will qualify for that new loan. If you’ve been considering a home loan, we can help you with steps that will improve your credit score before you apply. We’ll also connect you with lenders that will accept your situation and credit history. Contact us today by filling out our free assessment form or calling 1300 889 743 to get a competitive home loan package. How can I get inquiries removed from my credit report fast?The fastest way to remove hard inquiries from a credit report is to file a formal dispute. Credit bureaus will sometimes remove the disputed record right away while they conduct an investigation, at which time it will either be reinstated or removed permanently.
Does removing hard inquiries increase credit score?Yes, your credit score does go up when a hard inquiry drops off. Hard inquiries are used to track how much credit you've applied for in the last two years. When lenders see you applying a lot during this period, they may deny you for new credit. Once the hard inquiry falls off, lenders never know you had it.
Can you get hard inquiries taken off?Disputing hard inquiries on your credit report involves working with the credit reporting agencies and possibly the creditor that made the inquiry. Hard inquiries can't be removed, however, unless they're the result of identity theft. Otherwise, they'll have to fall off naturally, which happens after two years.
How long does it take to get hard inquiries off your credit report?How Long Do Inquiries Stay on Your Credit Report? Hard inquiries are taken off of your credit reports after two years. But your credit scores may only be affected for a year, and sometimes it might only be for a few months. Soft inquiries will only stay on your credit reports for 12-24 months.
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