Removing Credit Inquiries

Lord Myners calls for inquiry on 'black box' trading

The nadir came last Wednesday, when investors moved strongly against Societe Generale, France's largest bank, forcing its shares down as much as 20pc. As a result, European regulators chose to ban shorting on banks in France and three other countries.

But Lord Myners said that rather than shorting – which he said was not a contributing factor in falling bank shares – there was a "greater need to address" such trading methods.

"High-frequency trading appears so detached from the true function of capital markets, but is potentially fraught with hazard. It definitely deserves more attention than either the FSA or the Treasury has given it."

Lord Myners has tabled a series of questions in the House of Lords on the subject. Lord Sassoon, commercial secretary to the Treasury, said last week in a written answer that the Government's two-year study into the "Future of Computer Trading in Financial Markets", would not report until autumn 2012.

Andy Haldane, the Bank of England's executive director for financial stability, last month warned now may be the time to set a "speed limit" on market trades to tackle the dangers posed by so-called "flash trading" by high-speed computers.

Larry Tabb, founder of financial market research house Tabb Group, said although HFT was not directly to blame, it was indirectly to blame for removing large swathes of liquidity from the market, meaning that when sizeable sell orders are made, prices drop further than they might have done.

Lord Myners' calls for wider disclosure were echoed by Mr Pauget, the former chief executive of Credit Agricole, who said banks should move quickly to give better disclosure of their funding positions to reassure the markets they are well-financed.

"They have to provide more information. Banks have to give more information on liquidity," said Mr Pauget. He went on to say there was a growing need for all banks to give more details of their net stable funding ratios, which show the proportion of a bank's assets that are financed with longer-maturity debt.

His comments come amid concern that the UK's largest banks are on a collision course with the FSA over the need for more detailed disclosure of the amount and type of sovereign debt each is holding.

Is it possible to remove credit inquiries from my credit report?

Over the course of about three months I went on a desperate auto loan shopping spree. I was trying incredibly hard to get approved under my own name with only a year worth of credit history because I have no willing/able co-signer.

I’ve recieved about 20 inquiries and my credit score dropped over 50 points from the original 730 I had, bringing me from excellent credit to between fair and poor.

Now I know that people usually say that you should stay away from “ credit repair ” agencies. However, I feel cheated to have these inquires draining on my credit report for the next two years when I’ve been responsible with my credit cards as I don’t have a single late payment and I usually pay off half my debt or more every 2 weeks.

Please advise.

Best answer:

Answer by bdancer222 The fact is that you did make all those applications resulting in that many inquiries. After the first couple turn downs, you should have known your credit wasn’t enough. They do give a reason when they turn you down.

I suppose you could pay one of those repair companies a couple hundred bucks to play their slight of hand and hope the actually get some of those inquiries removed, but you’d be better off just establishing a longer on time payment history. It won’t take 2 years to get back most of those points.

What do you think? Answer below!

So sorry but no you cannot get inquiries removed from your credit report. They are there for a reason, thus this is why they can’t be removed!! Creditors look at your inquiries to determine a lot of different things. I look at the number of inquiries to determine how “desperate” a borrower is, and also to do some detective work because some borrowers don’t tell lenders about new loans because they haven’t reported on credit yet. However, you can look at inquires and ask if they got a new loan or at least get an explanation for them.

Live and learn, limit inquires to 4 per YEAR. And do remember inquires can stay on your credit for up to 2 years.

As to your first question, no you can not remove inquiries if they are valid. There is nothing that says you can’t dispute it, but they will probably not be removed. In your case a credit score is not given a lot of weight. This is because you have what is considred a “thin” credit history. So even though you had a 730 you found it was still hard to get approved.

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