This form is a business type form that is formatted to allow you to complete the form using Adobe Acrobat or Word. The word files have been formatted to allow completion by entry into fields. Some of the forms under this category are rather simple while others are more complex. The formatting is worth the small cost.
Credit Inquiry
Category:
State:
Multi-State
Control #:
US-135-AZ
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Credit Inquiry?
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FAQ
Letter of Explanation (LOE): credit inquiry explanation. Momina. The Inquiry letter is used to explain all credit inquiries in the last 120 days. When the lender pulls credit OR when credit is automatically pulled at borrower submission.
Begin the letter with the date, a salutation, and an introduction of the incident or issue. Provide a short but detailed description without having to add unnecessary terms and phrases. Provide an explanation of the steps you've taken to rectify the error or to complete the missing information.
Disputing hard inquiries on your credit report involves working with the credit reporting agencies and possibly the creditor that made the inquiry. Hard inquiries can't be removed, however, unless they're the result of identity theft. Otherwise, they'll have to fall off naturally, which happens after two years.
Give precise details of the situation or circumstances. Describe the facts that resulted in the current situation. Be truthful so that you may not find yourself in a difficult position. Provide supporting documents if they are available. Describe what you will do to make the correction.
According to FICO, Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports.
Facts. Include all the details with correct dates and dollar amounts. Resolution. Explain how and when the situation was resolved. Acknowledge. It's important that the letter outline why the problem won't arise again. Recognize if and how you could have avoided this mistake.
An acknowledgement of what happened. This demonstrates honesty and understanding of the necessity to repay the debt. A reason why it happened. Don't leave this to the underwriter's assumption. A statement of what is different now. Finally, if supporting documentation is available, include it.
Disputing hard inquiries on your credit report involves working with the credit reporting agencies and possibly the creditor that made the inquiry. Hard inquiries can't be removed, however, unless they're the result of identity theft. Otherwise, they'll have to fall off naturally, which happens after two years.
According to FICO, a hard inquiry from a lender will decrease your credit score five points or less. If you have a strong credit history and no other credit issues, you may find that your scores drop even less than that.
