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| Subtopic | Msgs | Last Updated |
     | Friday, January 07, 2000 - 04:10 am  Removing inquiries?? Is it true that inquiries can be removed? The advice I got is that I can ask the credit bureau to remove all inquiries that resulted in declines to be removed. Has anyone been successful at this? thanks for your help! sterlingdesmond@usa.net
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| | Friday, January 07, 2000 - 08:23 am Well, you can ask, but they don't have to remove them. Inquiries stay on your credit report for two years. But it never hurts to ask. Somtimes, if you get the right person, and ask nicely enough, they will do it.
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| | Saturday, January 08, 2000 - 08:05 am I understand that they can be removed, if they were never authorized. So if you dispute them, explicity demand verification that they were consumer-authorized.
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| | Saturday, January 08, 2000 - 01:18 pm That is actually not 100 percent accurate. Inquiries will never be removed from your report. The stance of the credit bureaus is that an inquiry actually occurred and that record of such will remain. It is possible to get the inquiry recategorized as promotional, which would result in the inquiry not counting against your score. Note also that it isn't necessary to have a consumer's explicit consent to an inquiry but that all a inquirer needs is a permissible purpose as defined by the Fair Credit Reporting Act, such as an application for insurance.
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| | Saturday, January 08, 2000 - 05:32 pm Sean, if you don't dispute the accuracy, but rather demand verification that there was a permisible purpose and/or authorization, can't that result in removal. I only ask because I've read that they can be removed. I took it on faith, and it was on a different board. I accepted their opinion on fact because it makes sense. It seems unlikely to me that the FCRA would be so unfair as to allow someone's credit score to be harmed by something that was neither lawful nor authorized.
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| | Monday, January 10, 2000 - 04:15 am Voightkampff: Yes, it absolutely can happen, I know it can because I've done it. I requested that three inquiries that I didn't remember authorizing, be removed and they were. Sean, maybe the SHOULDNT hav been removed, but they were.
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| | Monday, January 10, 2000 - 06:37 am Voigtkampff: It's very rare that someone won't have a permissible purpose to run a credit report on you. The most likely occurrance is that the inquiry got miscoded showing up in places and as things it shouldn't be. For example I opened an account last year with a credit union and they ran a credit report on me. As a result of this credit report they extended me an offer of a line of credit. Well, I was happy for the line of credit but upset that they had an inquiry on me. In the fine print of the signature card I'd signed to open the account it said that I was authorizing them to check my credit and employment status to determine my current and ongoing eligibility for the credit union. My initial call to the credit repository was unsuccessful because I asked to have the inquiry removed and they declined. They said an inquiry did occur and my credit report showed that and they wouldn't remove it. I switched tactics by sending them the letter pre-approving me for a line of credit and the inquiry was reclassified as "promotional" which means new people who inquire on my credit won't see that inquiry pursuant to the FCRA 604(c)(3). More to the point: The person who initiated this thread seemed to indicate that he wanted to remove any inquiries that led to declines. For certain the credit reporting agencies aren't going to go for that nor do they have a legal obligation to remove those inquiries.
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| | Monday, January 10, 2000 - 07:50 am Actually, you can remove inquiries if they were inaccurately put on your credit reports. Here is some more information on how to do it.... http://www.creditinfocenter.com/repair/inqerase.shtml
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| | Monday, January 10, 2000 - 10:37 am Kristy/Christine: here's a scenario for you...a consumer has a pre-existing credit card account and they are contacted by the company and told that they are being offered a low, better rate card from there company and they are pre-approved for $6,000. and would be happy to send a check (or checks) to other companies that have higher interest rates in order to take advantage of the new low rate card they are offering. Then the consumer receives a notice "that after reviewing your credit report" it does not appear they can honor the "application", the consumer is turned down and told to contact the CRA. Does the FCRA 1)allow them to run a credit report as "initiated by the consumer" as opposed to the creditor monitoring or promotional "update" inquiry that would not hurt their score and 2)would they have only seen the consumer's score or the credit report itself? This was a promotional phone call and the consumer would not believe a credit report was being run, believed they were pre-approved and was not told that an inquiry would be placed on their report. What are your thoughts or can you point me to where the FCRA deals with this? Thanks
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| | Monday, January 10, 2000 - 11:04 am It doesn't sound to me like anyone was preapproved. So, we got a lie by a creditor. Of course the inquiry should show as promotional, but I don't know how one can proof what's been said in a phone call.
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| | Monday, January 10, 2000 - 12:06 pm True, Christine but they also don't have a signed release then to run a credit report and they DO have an existing account with the company. What..a creditor lie???
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| | Monday, January 10, 2000 - 12:27 pm Creditors do not need a signed release to run a credit report they need a permissible purpose such as an application for credit, which can be taken over the phone or electronically and does not need to be written. In addition credit reports can be requested on borrowers without their permission unless they have requested to be excluded from credit report lists. If you want to be excluded you can dial (888) 5OPTOUT. Note also in the wording of the FCRA that the credit reporting agency can supply information to anyone that they "have reason to believe" intends to use the information in connection with a credit transaction. That's a pretty low hurdle to cross.
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| | Monday, January 10, 2000 - 02:43 pm That a written release is NOT required is the problem. Not only should a written release be mandatory, it should contain the credit bureau(s) to be used as well as a statement notifying the consumer that this inquiry will most likely reduce their Credit Score and may prevent them from obtaining credit, insurance, cell phone service and other services utilizing Credit Scores for up to 12 months. Sean wouldn't have been screwed (as previously posted under the topic "Screwed again") if this was the case.
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| | Monday, January 10, 2000 - 03:10 pm My point Sean is they were implying it was pre-approved based on the account they already had with them. In that case it is reasonable for the consumer to believe the only inquiry placed on their report would be the inquiry in which the creditor monitors the account as usual and is only seen by the consumer and NOT other creditors. In my opinion, it is very deceiving to the consumer in both the "pre-approved" context of the phone call the CREDITOR initiated, and the inquiry now being placed on the consumer's report under "accounts initiated by you".
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| | Monday, January 10, 2000 - 05:28 pm Sean, it was my understanding that the "opt out" provision only prevented creditors from making the promotional inquiries. And that even if someone opts out, a creditor can still pull the inquiry if there is a permissible purpose. Disagree?? As far as Christine's and Deniserichardsn's posts, I expect that Sean would agree. You earlier stated that as long as there is full disclosure, then the consumer cannot complain. I don't think that I'm taking you (too far) out of context. How can anyone disagree that honesty and disclosure would be nice. But the conduct discussed above would mislead reasonable people. For lack of a better word, it's unfair.
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| | Tuesday, January 11, 2000 - 06:56 am Well, I can't agree that the requirement must be written. That would kill companies like NextCard and other internet based loan originators like LendingTree. But certainly to have them tell you that a credit report will be run, that approval is not guaranteed, and that Trans Union (or whomever) will be the credit reporting agency, selected based on your zipcode -- all of this would be very nice. Or at least when an informed consumer starts asking questions the representatives should either know or be able to find out the answers. Questions like: "Pre-approved based on what? Did you already run a promotional inquiry on my credit and, if so, what company was used? What scoring system do you use? Will you run another credit report on me if I accept your offer? What credit reporting agency will you use at that time? Why do you use that CRA? If I was willing to pay an extra $5.00 on my annual fee would you be willing to use (insert credit reporting bureau's name here)?" It is a common practice that a person is pre-approved (more companies are switching to using the pre-selected phrase) and then when you accept the pre-approval they run another credit report on you as a consumer-initiated request. Opting out only prevents promotional inquiries, nor is it possible to block people from using a specific credit reporting agency (like when I was irritated at Trans Union and tried to divert all of my credit inquiries to Experian and Equifax... this attempt totally failed). Promotional inquiries are permitted by 604(c)(1)(B).
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| | Tuesday, January 11, 2000 - 11:22 am Sean: Why is it more important to not kill companies than to not kill human beings? And I disagree that only the "informed" should have rights.
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| | Tuesday, January 11, 2000 - 12:20 pm Bravo, Christine! That IS the point! People who refuse to admit that our consumer protection laws DON'T work, DON'T GET IT!
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| | Friday, January 14, 2000 - 04:39 am My question is: have you read the fine print on the offer? I cannot remember a single offer from a B/C lender that did not contain the words (in the smallest font available) 'This offer was based on your meeting pre-determined criteria... After you respond if, it is deterimed that you do not meet the criteria...' This must be an implied consent for them to pull a report. Whether or not this constitutes 'initiated by you' for sending in the application, is a very gray area.
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