Credit inquiries can stay on your credit report for up to 2 years. Each time credit inquiries are made, it is recorded by each of the three credit bureaus – Equifax, Experian, and TransUnion. And each time an inquiry is logged, it can potentially affect your credit score. Wondering what credit repair is all about?
Credit repair is a process of correcting inaccuracies, redundancies and unverifiable information on your credit report, generally you could say that this process is aimed at fixing past mistakes or rather a bad credit report which was disoriented for whatsoever reason. Guess you are already thinking if it is possible to fix a credit report? Well, my answer is a yes and it is no magic neither are the claims to clear your debts. Most often reports sent by credit agencies could come with errors, studies have shown that report 79% of credit report sent have form of error or the other, another has shown that 1 in 5 reports sent have errors in them that could be systematic or some sort of mix up. These when accumulated over a period of time could accumulated into very large sums (even up to hundreds of thousands of dollars pending significance of the found error and how long it has been). These and others factors bring us to the need for a credit repair. On your credit report, at the end of the report, you will notice a section called “Credit Inquiries.” These inquiries are made by companies that have checked your credit report, usually to judge your credit worthiness for a loan or credit card. Your score drops for 12 months after an inquiry but each one stays listed on your report for two years. Hard inquiries affect your credit scores while soft inquiries do NOT affect your credit scores. By completing a credit sweep all inquiries as well as delinquent accounts can be removed from your credit report, which in return will raise your credit score!