Mastering Credit Inquiries: Tips, Loopholes, and Lessons Learned
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Mastering Credit Inquiries: Tips, Loopholes, and Lessons Learned
- Thread starter Dr.Anand456
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Hello, Credit Card Enthusiasts! 🚀
I have some exciting news to share! Recently, I uncovered a few loopholes regarding credit inquiries in credit bureaus that might interest you.
But first, let me walk you through my experience over the past three months, tackling credit bureau issues and their solutions.
The Problem: Excessive Inquiries
For the last few months, I’ve been dealing with invalid inquiries in my credit bureau records, like CIBIL and Experian. Three months ago, my CIBIL report showed 90 inquiries, and Experian had 40 inquiries. These spanned the past three years, but most were from the last year.
Some inquiries were genuine, initiated by me, while others were duplicates or mysteriously appeared. Platforms like Paytm and Flipkart, for example, sometimes show pre-approved loans or credit cards, subtly obtaining your consent. You only realize this when an inquiry shows up on your report!
I also accumulated inquiries while checking pre-approved offers or applying for credit cards. To make matters worse, some banks created multiple inquiries for a single application.
Result? My CIBIL score, which hovered around 755, dropped to 745 due to these unnecessary inquiries.
---
The RBI Steps In đź’Ş
Thankfully, the RBI’s new regulations are helping clean things up:
1. Inquiries should only appear if you activate a card.
2. Customers must be notified of inquiries via message promptly.
But here’s the catch: Notifications aren’t always consistent. Without a CIBIL subscription, it’s tough to track these. Luckily, I’ve had one for years, so I stayed informed. My concern is for those without subscriptions—how would they manage?
---
Taking Matters Into My Own Hands
Whenever I spotted unauthorized inquiries, I raised disputes. Unfortunately, banks often rejected them within days without proper verification—frustrating, to say the least!
However, in the last three months, the RBI has tightened the rules. Now:
Disputes are shared with the RBI.
Banks must provide valid reasons for rejection and prove their case.
Customers receive detailed emails or updates on dispute portals.
This has significantly improved the process, making it more transparent.
---
The Fun Part: A Loophole! 🕵️‍♂️
Here’s where it gets interesting.
A couple of months ago, I accidentally disputed a genuine inquiry from Axis Bank (about a year old). Surprisingly, it was removed from my CIBIL report! That’s when I realized:
Banks often keep inquiry records for only a year.
Older inquiries lack proof, so they’re forced to remove them.
Armed with this insight, I disputed 30 of my 90 inquiries. Believe it or not, my total inquiries have dropped to 66, with most being removed! 🎉
This even improved my CIBIL score by 4 points. While recent inquiries (within a month) aren’t removed, older ones are easier to dispute.
---
Bonus Fun Fact! 🪄
Here’s something even cooler:
In Experian, all my 2023 inquiries were removed—even though I applied for 12 credit cards that year! Some genuine inquiries vanished, while invalid ones piled up. Crazy, right?
---
Key Takeaways
While this loophole may not drastically improve your credit score, it will help reduce the number of inquiries on your report. If you’re proactive, this could be a game-changer. Just make sure to check your reports regularly!
Edit : Update 2.0
Here is a list of all the banks and NBFCs (Non-Banking Financial Companies) that I have personally tried and tested. However, what worked for me may not necessarily work for you. That said, you can still give it a try—there’s no harm in trying!
Banks and NBFCs Known for Quickly Removing Inquiries:
1. Axis Bank
2. PNB Bank
3. AU Small Finance Bank
4. IndusInd Bank
5. Canara Bank
6. IDFC FIRST BANK
7. RBL Bnak
8. Navi
9. Credit Bee
10. Bajaj Finance.
Fun fact: Their attitude seems to be, "It was a mistake, brother. Please forgive us!"
Banks and NBFCs That Often Decline or Fail to Resolve Disputes Within Two Working Days:
1. Standard Chartered Bank
2. American Express
3. ICICI Bank
4. HDFC Bank
Fun fact: Their attitude seems to be, "We don’t care... We’re above the RBI! 🤣"
There are more banks, but I haven’t tested them yet. If anyone has updates, please let me know, and I’ll add them here.
This thread took a lot of effort to c reate, so please appreciate my work. Thank you!"
I hope this information helps you manage your credit report more effectively. Let’s make 2025 the year of better credit health! 💳✨
Wishing you all a Happy New Year! 🥳
I have some exciting news to share! Recently, I uncovered a few loopholes regarding credit inquiries in credit bureaus that might interest you.
But first, let me walk you through my experience over the past three months, tackling credit bureau issues and their solutions.
The Problem: Excessive Inquiries
For the last few months, I’ve been dealing with invalid inquiries in my credit bureau records, like CIBIL and Experian. Three months ago, my CIBIL report showed 90 inquiries, and Experian had 40 inquiries. These spanned the past three years, but most were from the last year.
Some inquiries were genuine, initiated by me, while others were duplicates or mysteriously appeared. Platforms like Paytm and Flipkart, for example, sometimes show pre-approved loans or credit cards, subtly obtaining your consent. You only realize this when an inquiry shows up on your report!
I also accumulated inquiries while checking pre-approved offers or applying for credit cards. To make matters worse, some banks created multiple inquiries for a single application.
Result? My CIBIL score, which hovered around 755, dropped to 745 due to these unnecessary inquiries.
---
The RBI Steps In đź’Ş
Thankfully, the RBI’s new regulations are helping clean things up:
1. Inquiries should only appear if you activate a card.
2. Customers must be notified of inquiries via message promptly.
But here’s the catch: Notifications aren’t always consistent. Without a CIBIL subscription, it’s tough to track these. Luckily, I’ve had one for years, so I stayed informed. My concern is for those without subscriptions—how would they manage?
---
Taking Matters Into My Own Hands
Whenever I spotted unauthorized inquiries, I raised disputes. Unfortunately, banks often rejected them within days without proper verification—frustrating, to say the least!
However, in the last three months, the RBI has tightened the rules. Now:
Disputes are shared with the RBI.
Banks must provide valid reasons for rejection and prove their case.
Customers receive detailed emails or updates on dispute portals.
This has significantly improved the process, making it more transparent.
---
The Fun Part: A Loophole! 🕵️‍♂️
Here’s where it gets interesting.
A couple of months ago, I accidentally disputed a genuine inquiry from Axis Bank (about a year old). Surprisingly, it was removed from my CIBIL report! That’s when I realized:
Banks often keep inquiry records for only a year.
Older inquiries lack proof, so they’re forced to remove them.
Armed with this insight, I disputed 30 of my 90 inquiries. Believe it or not, my total inquiries have dropped to 66, with most being removed! 🎉
This even improved my CIBIL score by 4 points. While recent inquiries (within a month) aren’t removed, older ones are easier to dispute.
---
Bonus Fun Fact! 🪄
Here’s something even cooler:
In Experian, all my 2023 inquiries were removed—even though I applied for 12 credit cards that year! Some genuine inquiries vanished, while invalid ones piled up. Crazy, right?
---
Key Takeaways
While this loophole may not drastically improve your credit score, it will help reduce the number of inquiries on your report. If you’re proactive, this could be a game-changer. Just make sure to check your reports regularly!
Edit : Update 2.0
Here is a list of all the banks and NBFCs (Non-Banking Financial Companies) that I have personally tried and tested. However, what worked for me may not necessarily work for you. That said, you can still give it a try—there’s no harm in trying!
Banks and NBFCs Known for Quickly Removing Inquiries:
1. Axis Bank
2. PNB Bank
3. AU Small Finance Bank
4. IndusInd Bank
5. Canara Bank
6. IDFC FIRST BANK
7. RBL Bnak
8. Navi
9. Credit Bee
10. Bajaj Finance.
Fun fact: Their attitude seems to be, "It was a mistake, brother. Please forgive us!"
Banks and NBFCs That Often Decline or Fail to Resolve Disputes Within Two Working Days:
1. Standard Chartered Bank
2. American Express
3. ICICI Bank
4. HDFC Bank
Fun fact: Their attitude seems to be, "We don’t care... We’re above the RBI! 🤣"
There are more banks, but I haven’t tested them yet. If anyone has updates, please let me know, and I’ll add them here.
This thread took a lot of effort to c reate, so please appreciate my work. Thank you!"
I hope this information helps you manage your credit report more effectively. Let’s make 2025 the year of better credit health! 💳✨
Wishing you all a Happy New Year! 🥳
Last edited:
You're most welcome! What happened, do let me know.
Same process hi hai, sabka hi.
Lol funny but logically true
My score 803 as of today but 2024 gone wild a bit…
Will remove these in 2026 thanks
Yes, and some genuine inquiries also removed.
CIBIL can be checked from various sources, but disputes can only be raised directly through the official CIBIL website. You get free access once a year, but for future access, you’ll need to subscribe to CIBIL. This is why I raised the concern that for those without a CIBIL subscription, it becomes quite problematic. On the other hand, Experian allows disputes to be raised for free.
SonyTom
TF Ace
Nice info. But I would add that, it's better to be a bit more cautious while clicking on links by banks or financial companies or similar entities for credit card / loan / whatever. Try to avoid accidental application. So read before clicking apply. Also, most banks don't approve a card if we go on applying every month. For example sbi, hdfc etc will not entertain before 3 months. We may be able to apply but mostly they reject. Exceptions are there though
SonyTom
TF Ace
On a lighter note, how many credit cards did you obtain this year ie 2024. And how many you closed this year 2024
harsh_ujjwal
TF Select
You can check one free report by creating profile on Transunion Cibil.
techstrom007
TF Select
What if the card was declined for some reason or another ?
Should the enquiry needs to be removed.
Or can you share banks who removed the enquiries and banks who didn't ?
Should the enquiry needs to be removed.
Or can you share banks who removed the enquiries and banks who didn't ?
I have taken 10 new credit cards this year, and I closed 4 out of those 10. However, this happened in the initial months of the year. In the last 6 months, I have only taken pre-approved cards that did not impact my credit score (CIBIL). Additionally, I have not closed any cards in the past 6 months.
Yaa, but kahi se bhi aap disputes raise nahi ker sakte hai. Wo sirf official site se hi hoga aur uske liye cibil ka subscription chahiye hoga.
Mai sare banks and nbfc ki list share ker dunga thodi der tak. Give me some time.
venuharry
TF Buzz
my CIBIL score in official site if around 720, but G-PAY is showing 756, from last two months I have observed that G-PAY is showing false report.
Is there anyone faced the same?
