“`html

Understanding Credit Repair and How to Dispute Inaccurate Inquiries

At O1ne Mortgage, we believe in empowering our clients with the knowledge they need to manage their credit effectively. If you have any questions or need assistance with your mortgage, call us at 213-732-3074. Below, we provide a comprehensive guide on how credit repair companies work and how you can dispute inaccurate inquiries on your own.

How Do Credit Repair Companies Work?

Credit repair companies often charge fees with the promise of removing negative information from your credit report. These fees can be monthly subscriptions or per item removed. However, they use the same dispute process available to everyone. Legally, they cannot remove accurate information from your credit report.

These companies are regulated by the federal Credit Repair Organizations Act (CROA), which mandates a written contract detailing their services and fees. They cannot claim to remove accurate entries or collect payment before fulfilling the contract. The CROA also allows you to cancel the contract within three business days without incurring charges.

Remember, you can perform all the actions a credit repair company does for free, and the process is straightforward.

How to Dispute Inaccurate Inquiries Yourself

Correcting an inaccurate hard inquiry involves reviewing your credit reports and following the appropriate procedures. Here’s how you can do it:

1. Get Copies of Your Credit Reports

Regularly review your credit reports from Experian, TransUnion, and Equifax. You can obtain a free copy of each report once a week at AnnualCreditReport.com.

2. Locate and Review Hard Inquiries

Each credit bureau organizes its reports differently, but all include a section for inquiries. Hard inquiries, which can affect your credit scores, are listed separately from soft inquiries, which do not. Verify the legitimacy of each hard inquiry, keeping in mind that lender names may be abbreviated or listed under a parent company.

3. Dispute Any Inaccurate Inquiries

If you find an unfamiliar inquiry, you have the right to dispute it with the credit bureau that reported it. Each bureau has its own dispute process, which can be done online, by phone, or through the mail. For Experian, you can use the Experian Dispute Center, call 888-EXPERIAN, or mail your dispute to P.O. Box 4500, Allen, TX 75013.

4. If Appropriate, Take Steps to Block Fraud

Unexplained hard inquiries may indicate attempted fraud. Contact the lender that made the inquiry and report the activity to law enforcement agencies like the Federal Trade Commission (FTC). Consider adding a fraud alert or security freeze to your credit file.

5. Keep Watching for Unusual Activity

If you suspect fraud, monitor your credit reports frequently for additional suspicious activity. A credit monitoring service can alert you to new activity on your reports, helping you detect issues quickly.

How Disputing Inquiries Impacts Your Credit

Disputing an inaccurate inquiry does not affect your credit score directly. However, removing a disputed hard inquiry might result in a small score increase. Hard inquiries have no impact on your credit scores after one year and are removed from your reports after two years.

The Bottom Line

If you find an inaccurate hard inquiry on your credit report, you don’t need to hire a credit repair company. You can dispute it for free and take steps to protect yourself from potential fraud. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you navigate your financial journey with confidence.

“`