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How to Dispute Inaccurate Credit Inquiries

At O1ne Mortgage, we understand the importance of maintaining a healthy credit report. If you find inaccurate inquiries on your credit report, you can dispute them yourself without the need for a credit repair company. Here’s how you can do it.

How Do Credit Repair Companies Work?

Credit repair companies charge fees to help remove negative information from your credit report. However, they use the same dispute process that you can use for free. These companies are regulated by the Credit Repair Organizations Act (CROA), which ensures they provide a written contract and prohibits them from making false claims.

How to Dispute Inaccurate Inquiries Yourself

Disputing inaccurate inquiries is straightforward. Follow these steps:

1. Get Copies of Your Credit Reports

Regularly review your credit reports from Experian, TransUnion, and Equifax. You can get a free copy once a week at AnnualCreditReport.com.

2. Locate and Review Hard Inquiries

Check the inquiries section of your credit reports. Hard inquiries, which affect your credit scores, should be reviewed to ensure they are legitimate. Note that lender names may be abbreviated or listed under a parent company.

3. Dispute Any Inaccurate Inquiries

If you find an inquiry you don’t recognize, dispute it with the credit bureau that reported it. Each bureau has its own procedures for disputes, which can be done online, by phone, or by mail.

4. If Appropriate, Take Steps to Block Fraud

Unexplained hard inquiries may indicate attempted fraud. Contact the lender, report the activity to law enforcement, and consider adding a fraud alert or security freeze to your credit file.

5. Keep Watching for Unusual Activity

Monitor your credit reports for additional suspicious behavior. Consider using a credit monitoring service to alert you to new activity.

How Disputing Inquiries Impacts Your Credit

Disputing an inquiry does not affect your credit score directly. However, removing a disputed hard inquiry could result in a small score increase. Hard inquiries have no impact on your credit scores after one year and are removed after two years.

The Bottom Line

If you find an inaccurate hard inquiry, you can dispute it for free. It’s also a sign to watch for potential fraud. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you maintain a healthy credit report and achieve your financial goals.

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