What do the following things mean on your credit?

Question

Regular Inquiries - My fiance has a bank that is checking his credit every year and it says "Permissible Purpose: Credit Transaction".

Promotional Inquiries - How do you make these stop? We don't want our credit looked at for ANY REASON while we are cleaning!

Account Review Inquiries - This one says it doesn't affect your credit score, are they telling the truth?

Also what does it mean that an account will "drop off your credit on such and such date"? With a $0 balance that seems like a good thing but what about the ones that still have a balance?

What if the number for the bank says no longer in service? I called to ask why and it says the number is no longer in service.

Answer 1

Regular Inquiry: This is a hard pull and generally means that you applied for some form of credit from the company that pulled it. If he did not apply then he needs to contact the bank and see who is requesting them.

Promotional Inquiry: This is the source of those "Pre-approved" credit card offers you get in the mail. There are 2 methods to opt out. 1) You can call 1-888-5OPT OUT and choose the option to opt out. This is good for 5 years. If you want to opt out permanently you have to do it in writing.

Account Review inquiries. This is generally you pulling your own credit report or one of your established creditors reviewing your information. It is correct that these do not affect your scores.

The "Drop Off" date is only a concern on negative entries which should be removed after 7 years (10 for bankruptcy). You should not see one on an entry for either a positive or an open/current account.

Answer 2

you may limit prescreened offers of credit and insuranceyou based on information in your credit report you may OPT-OUT with the nationwide credit bureaus at 1888 - 5optout 1888-567-8688