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How much impact does an inquiry have on my actual credit score?
Transcribed Video Below.
Hello everybody, Tom Addleman and Bo Thomas here at Credit Law Center. Today we're going to do Credit Law Center’s tip of the day on something we hear all the time and we get this question consistently is how much of an impact an inquiry does have on my actual credit score. Bo, go ahead and explain that a bit if you would.
It’s one of the most common questions or the most talked-about thing that has the least importance really is what to really kind of shakes down to a lot of times people you hear these things that it's five points for every one I get and I get 10 when I go out car shopping or I had four when I get out to get a mortgage. Keep in mind that there's a window of time between mortgage inquiries that you won't get counted against you. So if you go out and you're shopping for a mortgage you have that 30 day window multiple inquiries in there. Only it really counts as one.
But even then counting as one there's no numerical value given to each inquiry. It's not like five points for each one or 10. So the more inquiries you have the more harm it is to your credit score. It's based on predicting risk. Right. So if you have high balances and recent rates and you go out and get some inquiries your score is coming down. It looks like you're shopping everywhere. Yep. You know you're desperate. You're risky. You're gonna try and go to get more credit. You have a thin credit profile, you're going to see some decrease in your credit score. You've got good on-time payments established and low credit inquiries. Doesn't really matter. You go out and pepper yourself with them and you won't see much of a move at all. So it's different for each person.
So overall, it has little impact on your credit score. There's your CLC tip of the day.
How does Credit Law Center get collections off?
Transcribed Video Below.
Hello everybody, Tom Addleman and Bo Thomas here with the Credit Law Center's tip of the day in one of the most common things we see on reports. Collections. We have quite a bit of success with those. And we can you tell how we get those collections off people's credit reports.
The good news and one reason we have the most you know that's the most common negative item on a credit report but also to that's the most common mistake that we find is the amount of inaccuracy or intentional inaccuracies I always say on collections of misreporting. So what we do is we challenge those items in writing in such a way that causes the bureaus to do an investigation. We know that after that investigation they've only got three options: delete it, update it, or verify it. They delete it fantastic. You know it says if it never happened. They update it or verify it. That's OK. That's when the law firms engaged go directly at the creditor asking them in a debt validation domain. Six to nine questions. We compare those answers to their investigation results. We find a discrepancy that's typically inaccurate information. And the Fair Credit Reporting Act has three main points timely verifiable and accurate. And if the information is not accurate it needs to come off the report. We use their mistakes as leverage to gain additional deletions.
That's why when we say at Credit Law Center we use the law to help improve your credit profile that's exactly what it means, the Fair Credit Reporting Act is a right you have as a consumer to make sure your credit report is accurate, timely, and verifiable. Folks if you have any questions like this give us a call or reach out to us at Credit Loss Center.
There is your CLC Tip of the day.
Hello and thank you for joining us on CLC today. Today we're going to take a step back and like many people, they think that the credit industry is probably boring and all work and no play. But you know what? Going into this weekend we decided that we're going to put a little compilation of videos together we like to call this: “Why me?” Let's take a look.
So the next time that you feel like you're having a bad day or things just aren't going your way. You remember those people that fell flat on their face and got back up again. Well, that's all we have for now but we'll see you on CLC today next week. Take care.
Hello, and thank you for joining us on “CLC Today”.
Today we have this week's top five things that broke the Internet. Let's take a look.