Daniel Rosen walks through removing hard inquiries from your credit report, which can add up to 55 points to your score. He explains the difference between soft and hard inquiries, then breaks down a three-step dispute process: fix your personal info, send dispute letters, and follow up. Don't dispute inquiries tied to accounts you still have open.
Questions this video answers
Two years (but they only impact credit scores for 12 months).
12 months.
Up to 55 points.
As much as 10 points.
Nearly one third of consumers had four or more hard inquiries on their credit report (as reported by Experian).
Chapters
Hey, credit heroes. Want to know how to overcome one of the biggest credit repair obstacles? They may not sound serious, but inquiries can kill your credit score. So today I'm going to show you an easy trick to remove them fast and increase your credit score up to 55 points. So you better stick around.
My name is Daniel Rosen, and welcome to Credit Repair Business secrets.
In the 20 years since releasing my first credit repair software, I've helped thousands of businesses scale from the ground up. I've seen a ton of credit heroes make a great living and change so many lives. And I've also seen places where people get stuck and frustrated and just give up. If you're new to the world of credit repair, an inquiry is when a lender requests your credit history from one of the credit reporting agencies. An inquiry is made whenever a consumer applies for credit when whether it's a mortgage, auto loan, or credit card. Now, there are two types of inquiries. There's soft inquiries and hard inquiries. Soft inquiries typically happen when a person or company checks your credit as part of a background check. It might happen when a credit card company checks your credit to see if you qualify for their offer. Your employer might also run a soft inquiry before hiring you or a landlord before renting you an apartment. The important thing to know is soft inquiries do not affect your credit score. But hard inquiries are made every time you apply for credit, and they do hurt your credit score. Here's the thing to remember. It's really common for people to get a bunch of hard inquiries over a short period of time, like when you're shopping for a car, which can make it appear like you're taking on a lot of debt, even if you aren't. Hard inquiries stay on credit reports for two years, but they only impact your credit scores for 12 months. So if you're looking at your credit report and you see that an inquiry is older than 12 months, then there's no need to worry about it at all because it has zero effect on your score. But the hard inquiries that are less than 12 months old, those can cause a massive hit to your overall credit score. One hard inquiry can lower your credit score by as much as 10 points, and those add up fast. And the credit bureau Experian reported that nearly one third of all consumers had four or more hard inquiries on their credit report. And that's a whole lot of points off your credit score. Here's why this is important. Inquiries may not be as serious as bankruptcies or late payments, but they can be a bigger problem than people realize. The Good news is that disputing and deleting them is pretty simple, and I'm going to show you exactly how to do that right now. When disputing negative items on credit reports, the first step is to remove any and all conflicting personal information from your reports. So if there's a misspelled name, an old address, wrong date of birth, incorrect or outdated employment information, or anything else incorrect that's appearing in the personal information section of the report, you want to dispute that first, believe it or not, the personal information that you're disputing actually comes from the inquiries. See the people who are typing and submitting your credit applications. They often make clerical errors which cause many of these problems. So by removing incorrect and outdated personal information, you have a much better chance of deleting the inquiries that are tied to them. The next step is to challenge the inquiries themselves. Here's what you need to know. Step 1 Identify the inquiries that you want to remove. Remember, soft inquiries don't impact your credit score at all, and hard inquiries only affect it for a short time. So you only need to dispute the hard inquiries that are less than 12 months old. Also, and this is very, very important, never ever dispute inquiries that are tied to open accounts or accounts that you recently applied for that you really want. If you do, you run the risk of them closing down that open account along with its credit history, and you don't want that to happen. Step 2 Send a round one dispute letter demanding that the inquiry be removed. Include in your Round one dispute letter a list of the items being disputed, the reason for the dispute, and the instructions for the credit bureaus. Simple explanations usually work best, like I don't remember applying with this creditor. If hard inquiries happen without your approval or your knowledge, or if the number of inquiries exceeds what you expected from a lender, they can be removed easily. If you need a round one letter that's proven to work, plus four other letters that you gotta have to be successful, I've got your back. To make this easy for you, I'm going to give you the 55 dispute letters that every credit hero needs. So get them free at creditrepaircloud.com dispute letter templates and the link will also be over there in the show notes, so you can download letters for free right now. Step 3 When the credit bureaus respond, celebrate or keep disputing. If the bureaus accept your dispute, they'll remove the inquiry from your credit reports. If they don't accept it. Remember, this is about pressure and persistence. Sometimes you have to write them again and again and again. So send follow up letters, send warning letters, or file a complaint if necessary. Just keep applying the pressure until you get the results you need. Here's my final point. Don't let the short lifespan of hard inquiries fool you. They do hurt your credit score and removing them can raise your credit score up to 55 points. So remove inquiries for an easy win with a big impact fight for every point.
Hey everybody, it's Daniel again.
And real quick.
I want to invite you to join what I believe is the best thing we have ever created inside the credit repair cloud community. And it is a free challenge that we call the Start Repairing Credit Challenge. If you want to repair your credit and and increase your credit score and you want to learn how credit repair really works, or you dream of having a successful business of your own so you can change lives, make an impact and have financial freedom, or maybe you're looking to add more revenue to your existing business. If that's your dream, you need to get into this challenge. We created this free challenge to help you to learn how to repair credit, help others, and maybe grow your very own credit repair business. A business that really helps people and changes lives. This free challenge will help you to understand the strategy, the tactics, and all the things you need to be successful at credit repair. And the best part is, it's completely free.
So I recommend you do it right now.
Stop everything, pause this audio, go online and go to startrepairingcredit.com that's startrepairingcredit.com and join the next free challenge. And there's a challenge that's starting in just a few days. So go get started right now@startrepairingcredit.com.
And I'll end by saying if you want to know why your credit dropped for no reason, check out my podcast on the five possible reasons and how to fix them. And if you'd like to improve your credit score and discover how to earn extra income repairing credit for others, check out our brand new Start Repairing Credit Challenge. Doors are closing soon and it's completely free. So sign up right now@startrepairingcredit.com and keep changing lives.
