The Credit Inquiry; A Wolf In Sheep's Clothing
To the average consumer the most innocent item on their credit report is the credit inquiry, but in-fact it is, to coin a phrase " a wolf in sheep's clothing." Although the credit inquiry is just a potential creditors look into a consumers credit file, it can be more damaging than being refused credit, because to many inquires tell other creditors that the previous potential credit grantors found the consumers to be a great risk. And, the inquiry can remain on the credit repot for up to two years unchallenged, this means that too many looks into a credit file will damage the consumers credit.
So let's just get an understanding of what the creditor sees when they pull up the consumers' credit file. If the consumer has had at least ten inquires in the past two years with no corresponding payment history, then that translates into ten potential credit grantors that did not feel they where worth the risk. But, there is hope for relieving the negativity associated with having to many credit inquiries.
First, the consumer has the right to have their credit file restricted from third party viewing, and limited to just the potential credit grantors the have chosen by completing an credit application. The next step will be to reframe from applying for credit, especially if you credit score is already low. The goal of decreasing the number of inquiries on a credit file is to increase the credit score, but unless the negative entries are also removed, the credit score will not increase.
The best approach to cleaning up a consumers' credit report is to hire a professional credit repair service to evaluate and clear the negative items. There are a majority of credit repair companies that can provide this type of service; one is Millennium Credit Service and interested persons can find out more about their services by visiting their website at http://www.millennium-credit.com. So before applying for credit, remember that an inquiry is added every time a credit application is processed.
About the author: Millennium Credit Service provides credit repair services that are legal and helps clients establish, build, and restore their credit by using federal laws that protect the consumer and services for clients with past credit problems.
