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    4 Replies Latest reply on Feb 21, 2009 10:32 AM by bmt2008

    Inquiries on credit report - how much damage do they do?

    azagain Newbie
      I had someone get ahold of my information. they didn't manage to open any accounts or loans in my name but I did wind up with at least 15 Inquiries on my credit.

      I have tried asking a couple of different credit places just how much damage this does to my credit. It wasn't perfect but wasn't too bad either.

       

      can anyone tell me just how many points each inquiry takes off my score?
      Should I pay a credit repair company to remove them?
        • Re: Inquiries on credit report - how much damage do they do?
          netnextday Newbie
          I have worked as Head of Collections for a large bank for over 7 years. What I have been told is that each inquiry removes 1 point from your score. Usually this self corrects over time so I probably would not pay someone to "fix" it unless you just have a lot of cash to spare. Just make sure you document everything you did in order to stop the people from accessing your credit further and if a future bank inquires....providing the information should negate anything that would be viewed negatively. Unfortunately since Identity theft is on the rise.....credit institutions are used to dealing with the aftermath. Just keep your documents. :)
          • Re: Inquiries on credit report - how much damage do they do?
            BizinSoCal Newbie
            I am not sure how many points each inquiry deducts. I would go by what the previous response says (1 point / inquiry). I just wanted to add that it may be a good idea to contact the credit bureaus to report the fact that someone has had access to your information and have used it to submit inquiries.

            Good luck and hope you get it resolved.

            Reigneer
            • Re: Inquiries on credit report - how much damage do they do?
              azagain Newbie
              I have reported it but just wasn't sure on how much damage it did. thanks for your responses as I do feel better that I am not totally hosed.
              • Re: Inquiries on credit report - how much damage do they do?
                bmt2008 Adventurer
                Several things:

                If inquiries are done in groups - say three inquiries within 2 weeks - the bureaus usually consider this a single pull. Look at your report and look at the dates.

                Not sure how many points as points and scores are based on peers.

                These inquiries will usually stay on your report for two (2) years - keep that in mind. As stated, might want to call the bureaus and get those off there.

                Just some thoughts

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