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Information and advice on how to stop credit inquiries

How can I stop inquiries on my credit report?

How to stop inquiries on my credit report. I recently signed up for stopping all the inquiries, but I can't find the website, or how I did it! Can you help?

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Bill's Answer
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I assume you may have been a victim of identity theft and that is the reason you want to stop the inquiries on your credit report. Identity theft is becoming a growing problem. Twelve states have passed laws allowing consumers to place a security freeze on their credit reports, effectively preventing any credit grantor from obtaining a copy of a consumer's credit report, thus stopping any credit inquiries from appearing on the consumer's credit report. The primary purpose behind these laws is to allow victims of identity theft to prevent further credit from being obtained using their credit information

However, a security freeze will also allow you to prevent further credit inquiries from appearing on your credit report. The downside of placing a security freeze on your credit report is that no one will be able to obtain a copy of your credit report or credit score, even lenders who you may want to pull your credit report for the purpose of extending you credit. While a security freeze is placed on your credit report, you will likely not be able to obtain a mortgage, auto financing, new credit cards, or any other type of credit. If you need to obtain new credit, you can always have the freeze lifted, though the process will take a few days, so you should expect a delay anytime you need to obtain new credit. To learn more about the process of placing a security freeze on your credit report, please visit the respective credit bureau website:

Experian

Equifax

TransUnion

Because of the possible inconvenience caused by placing a security freeze on your credit report, you may want to think twice before doing so. I would like to explain credit inquiries to you to help you determine if placing a security freeze on your report is really necessary. Whenever a company pulls a copy of your credit report, the credit bureaus will list an inquiry on your credit report. Credit inquires fall into two general categories: "hard" inquiries and "soft" inquiries.

Hard inquiries, which can negatively impact your credit score, appear when a potential lender checks your credit as a result of your applying for new credit.

Soft inquiries appear when a company pulls your credit without your prior authorization, or when you pull your own report. For example, an unsolicited "pre-approval" letter from a credit card company will result in a soft inquiry. Soft inquiries are not disclosed to your potential lenders when they pull your credit report, and they do not affect your credit score. The primary purpose of soft inquiries is to allow you to see who has been reviewing your credit report.

If you find inquiries on your credit report which you feel should not be there, how you should proceed depends on what type of inquiries are appearing. If they are soft inquiries, then there is little concern, as these inquiries do not affect your credit score. However, if they are hard inquiries, you may want to review the listings more carefully. As stated above, hard inquiries result from your applying for new credit, not from established creditors pulling your report for review or from unsolicited credit offers. If you find inquiries you think are being improperly reported, you should notify the credit bureaus, Equifax, Experian and TransUnion, of the problem. If the inquiries have been reported inaccurately, you should have little difficulty in having the problem corrected. The Federal Trade Commission offers an online guide to disputing inaccurate credit listings, available at Ftc.gov.

I wish you the best of luck in resolving these inquiries on your credit reports. I hope that the information I have provided helps you Find. Learn. Save.

Best,

Bill

www.Bills.com/

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9 Comments

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  • JB
    Dec, 2013
    Joe
    The article states: "Hard inquiries, which can negatively impact your credit score, appear when a potential lender checks your credit as a result of your applying for new credit." Although this is generally true, one of my pet peeves is that my credit can be negatively affected in this way simply because I applied for a job, or because I applied for membership in a professional organization, or because my existing landlord wants to check up on me, or because a car dealership I visit wants to determine whether I might be able to obtain credit from a third party. In none of these situations, am I actually going to borrow money from the people checking my credit. Nevertheless, a hard inquiry might result. I always pay my cable bill on time, but when I moved to a new apartment and got the same service I had before, the cable company did a hard pull. They ignored my request to pay a deposit instead. Hard pulls are a dime a dozen and don't cost very much, unless you're the prospective "debtor."
    0 Votes

    • BA
      Dec, 2013
      Bill
      I understand your frustration with taking a hit on your credit for a hard pull. It is not the case, by my understanding, that when a potential employer checks your credit that it is hard pull. That kind of inquiry is a soft pull. If you are shopping for car financing, each inquiry that is made will show on your report as a hard inquiry, but you only take one hit against your score, if you have the inquiries done within a short window (14 to 45 days, depending on the scoring model used).
      0 Votes

  • BA
    Feb, 2010
    Bill
    A credit freeze stops soft pulls the consumer does not authorize.
    0 Votes

  • 35x35
    Feb, 2010
    Tara
    Yeah, but the soft pulls also come from the creditors that you already have that are *checking* up on your credit history. Regardless if they effect your over all score or not - will putting a freeze on the credit report stop the soft pulls?
    0 Votes

  • BA
    Nov, 2009
    Bill
    Unfortunately, each of the three major US consumer credit reporting agencies (commonly called "credit bureaus") report hard and soft pulls differently.

    At Experian, soft pulls are indicated as "consumer disclosure inquiry," "promotional inquiry," "account review inquiry" or employment inquiry. All others should be considered hard pulls.

    At TransUnion, soft and hard pulls are intermixed on a credit report. Although only hard pulls are detrimental to a credit score, there is no visible distinction between the two on a TransUnion report.

    At Equifax, soft pulls contain a prefix PRM, AM or AR, EMPL, Equifax or EFX, ND, ND MR, or PR. All other inquiries should be considered hard pulls.
    0 Votes

    • ID
      May, 2011
      Isabeau
      I just received a credit report from TransUnion and it has the name and addresses from all promotional inquiries. I called for clarification and they said that the promotional inquiries are all the soft inquiries from companies mailing me credit card offers. From this experience I think that they have updated their forms to differentiate between hard and soft pulls.
      0 Votes

  • 35x35
    Nov, 2009
    Rory
    Is it possible to tell by looking at the report if the credit inquiries were hard or soft pulls?
    0 Votes