Originally Posted by Sunny-Days90
I am amazed that anyone who tried to remove inquiries does not get a fraud alert on your report.
Afterall you are saying you did not apply correct?
If it was not you then I know Eq well enough they will slap a fraud alert on you.
I would be interested in:
1. What did you say to them when you called?
2. If a fraud alert shows up on your report soon.
Originally Posted by wayne6372
Yes a fraud alert has showed up.
Originally Posted by mommytrish
This will almost definitely result in a fraud alert being placed on your credit file. Which is nearly impossible to get removed. Another unintended consequence of doing this, is it can interfere with positive tradelines on your report. People have disputed inquiries, only to find that an account in good standing has been removed.
Disputing inquiries is meant to be a way of having fraudulent or unauthorized inquiries removed, not of just having legitimate ones taken off because you don't want them there.
Originally Posted by wayne6372
And i chose for the fraud alert to be placed on my file.
A fraud alert showed up
, but you chose
for it to be on there.
Something tells me that the FA's showed up and you had no choice, at the moment, but to accept that the CRA's placed them on there.
Good warnings Sunny-Days and mommytrish
If inquiries are not legit then they should be disputed, along with a person placing a fraud alert or freeze on their reports. If they are legit then they shouldn't be disputed.
Disputing legit inquiries have very little gain, especially if they have a little age on them, but disputing them can have very large negative repercussions.
Disputing inquiries will generally initiate fraud alerts by the CRA's. Fraud alerts will jump from one CRA to all other CRA's, it's the law. The big
difference between CRA initiated fraud alerts and consumer initiated fraud alerts is that the CRA initiated ones will prove very difficult to have removed and to keep them removed. When a person is finally
successful in getting the CRA initiated fraud alerts removed, they have a nasty habit of popping back on at the most inconvenient moments, like when mortgage or car shopping, etc.
A person stands a very good chance in losing accounts from disputing inquiries, even if the inquiry isn't with a current creditor that the person has. Creditors often soft pull and account review accounts at least once a month, sometimes more often. Even if the inquiries weren't with them, when they see the inquiries disappear and CRA initiated fraud alerts then they will look over that persons account with them with a fine toothed comb, anything out of the ordinary and that account can be shut down.
If the inquiry is with an existing creditor, say bye bye to the account because more often than not it will be closed, no questions asked.
Disputing inquiries with creditors a person doesn't have accounts with can mean that creditor will either deny that person if they apply again in the future, or they will ask for the persons full
financial and personal documentation before they make a final decision.
Inquiries are the least of any negative information on a credit report/score. Usually by the time an inquiry hits 4-6 months any drop from FICO's has been regained. Usually they are ignored by most creditors (excluding mortgage) once they hit 1 year. By year 2 they are gone.
If a person has too many inquiries then there is something wrong with their reports (other than inquiries) and that person should try to deal with the real negs instead of disputing inquiries and/or constantly applying for credit.