Hard Inquiry: Breaking Down The Term

Hard Inquiry: Breaking Down The Term

Hard Inquiry: Breaking Down The Term

You’ve heard about a hard inquiry, then for a soft one, and you have so many questions about them. What is it, and why should I know it? Does it affect my credit score? Is it shown on my credit report, and if yes, how can I remove it?  Baby Boomers Financial is here to give you answers, and help you reach your financial freedom! In this article, we will break down the term hard inquiry, in debate with the soft one. Additionally, we’ll explain you the process of it, the way it affects your credit score, and finally, how you can remove it from your credit report. Keep reading! 

What Is a Hard Inquiry? 

Hard inquiries are credit information requests, that include borrower’s full credit history, and credit rating as well. It is made by creditors and lenders, to credit report agencies, when you apply for credit accounts, loans, etc. It helps let’s say, creditors and lenders to decide whether they can trust you based on your credit history, or not. They’re also known as hard pulls, and they may be used in background checks, and rental applications as well. A soft inquiry gives less credit information about the borrower, and it’s not dangerous for your credit score

How Does Hard Inquiry Affects My Credit Rating? 

All the hard inquiries will be reported to your credit report, while soft inquiries will not. A hard inquiry has a negative impact, and can cause the loss of few points from your overall score. At the same time, multiple hard inquiries at once, can decrease your score even more, while creditors will have trouble trusting you. They will stay listed in your report for around two years.

How Do I remove A Hard Inquiry from My Credit Report? 

If you have in general a good credit score, then you shouldn’t really worry about a single hard inquiry. But if you’re at a point struggling to increase your credit rating, or at least maintain its levels, you should act. There are two ways to remove a hard credit inquiry from your credit report. The one is a formal dispute letter addressing the listing as an unrecognized or unauthorized activity, and kindly ask to be removed. Your second option is to do nothing, and let the inquiry to drop by herself after the two years have passed. It’s up to you and your upcoming credit plans to decide whether you’ll choose the natural, or the dispute way. 

You need help to repair your credit, and remove negative factors from your report, including a hard inquiry? Baby Boomers Financial has both the knowledge and experience, to effectively assist you on the way for an excellent credit score. Don’t hesitate to contact us, or even request a free credit review from us