Credit Inquiry Letters, Notes, and Flags.

1
(No Transcript)
2
Credit Inquiry Letters, Notes, and Flags.
3

• Occasionally when shopping around, multiple hard
  inquiries will appear on your credit report,
  affecting your credit score. Because of this, a
  potential lender may ask for a credit inquiry
  letter to explain what these hard inquiries were
  for, determining if you are a high-risk customer
  or not.
•  
• Typically these credit inquiry letters contain
  basic information such as which company checked
  your credit, when, and why.

4

• How well you are able to explain hard inquiries
  when writing a credit inquiry letter can
  determine a yes or a no, so in most cases,
  contacting the professionals at Inquiry Busters
  is in your best interest, but if choose to write
  you own you should include 
• Name, current date, salutation and subject
• A brief overview of the inquiries in question
• A list of each credit inquiry with the following
• Company name
• Date of credit inquiry
• Reason for credit inquiry
• Was credit granted, yes or no.
• A brief overview of supporting documents (if
  attached)
• Name, phone number, email and signature

5
Credit Bureau Notes

• Alternatively, for individuals who don't want to
  waste time creating a new credit inquiry letter
  each time you are looking for new credit, you can
  contact each credit reporting agency directly
  (TransUnion, Equifax and Experian) and request
  that they add a brief note to explain your
  situation to future lenders. This note should be
  less than 125 characters and read something like
  this Jul 2014 to Aug 2014 multiple inquiries for
  new vehicle, financed via 123 Car Loans. 
• After adding a note, any company that has
  actually read your report (and any reputable
  company should) will already know everything they
  need to know about your inquiries and credit
  score.

6
Fraud Flags

• If are the victim of fraud and have already
  contacted the police, you can also add a fraud
  flag to your bureau to explain a bad credit
  score, collection items, or debts, and also to
  ensure that each time your credit is checked, the
  agency responsible is required by law to call you
  and verify.

7

• Thanks for stay with us.