Is a Credit Plus inquiry weighing down your credit report?
If you noticed a new entry from Credit Plus on your credit report, the unfamiliar name might have raised some concerns.
This particular entry is probably on your account as the result of a hard inquiry prompted by a mortgage application.
When you apply for a loan, including a home loan, lenders access your credit reports, often employing the services of an agency like Credit Plus.
Credit Plus Inquiry On My Credit Report
Credit Plus touts itself as a third-party mortgage verifications provider.
That means the company is hired by mortgage lenders to obtain applicants’ credit reports.
The company specializes in tri-merge credit reports, which are special hybrid credit reports that bring together data from your Experian, Equifax, and TransUnion reports.
Additionally, Credit Plus assists lenders at several steps in the mortgage process, including:
- Pre-approval, which could lead to a soft inquiry
- Forensic reviews to re-asses loan approvals
The step above that’s most likely to put Credit Plus on your report is the application.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How Does a Hard Credit Check Affect Your Report?
When you apply for a mortgage or any other type of loan or credit account, you submit yourself to a hard inquiry.
A hard inquiry simply means your report is being accessed by a prospective lender, and it comes with a few consequences.
First, a hard inquiry is placed on your credit report, staying for two years.
Second, the inquiry lowers your score, usually by a couple of points.
This differs from a soft inquiry, which happens when you pre-qualify for a loan.
Hard inquiries give lenders a glimpse into your history of borrowing to see if you’re responsible with loans and credit cards.
A tri-merge report hones in on the data that is most relevant to a mortgage.
Since a tri-merge report incorporates data from all your reports, each of your scores will probably take a hit, with all three reports featuring the entry.
How to Remove Credit Plus from Your Credit Report
If you applied for a mortgage that prompted the Credit Plus inquiry or consented to being a cosigner for a loved one’s mortgage, there’s not much you can do to get the inquiry off your report.
But if you didn’t do either of those things, you should use the advice below to get the hard inquiry removed from your credit report.
Dispute the Hard Inquiry with Credit Plus and the Bureaus
An inaccurate inquiry is likely the result of:
- A basic reporting error
- Identity theft
Identity theft can wreak serious havoc on your credit, so it’s essential to get to the bottom of questionable additions to your credit report.
According to The Fair Credit Reporting Act, credit bureaus must investigate the situation if you dispute a hard inquiry on your report.
A good place to start is with Credit Plus. Explain the situation and get details on the mortgage application that set the inquiry in motion.
Then, take your dispute to the credit bureaus.
You can file a claim one of three ways:
- Over the phone
- By mail
The bureaus have 30 days to make a decision. Once a month has passed, the fraudulent entry should be deleted from your report.
Pro Tip: Never miss another addition to your credit report by signing up for free credit monitoring. You’ll get routine updates on your score and be alerted any time something is added to your report.
With Credit Karma, you’ll also get loads of resources for building your score, including tailor-made offers for credit cards and loans that can help take your credit to the next level.
Contact a Credit Repair Company
If you dread the thought of confronting Credit Plus and filing disputes with the three credit bureaus, you’re in luck.
For a reasonable fee, you can employ a credit repair company to take care of improving your score and disputing inaccuracies.
Along with tackling hard inquiries, they’re pros at helping people recover from:
- Debt Collections entries
- Identity fraud
- Late payment history
Take a few moments to skim through our list of the top credit repair companies to choose a good fit.
A consultation with one of these companies can be highly valuable and help you decide whether or not their services are right for you.
Getting Credit Plus Removed from Your Report
If you’re still uncertain about the origins of the Credit Plus entry on your report, take a deep breath.
The Fair Credit Reporting Act is on your side, and you shouldn’t have too much trouble getting the entry off your report.
But if you did apply for a mortgage that prompted the inquiry, you can relax, too.
Hard inquiries are some of the least impactful entries to have on your credit report.
For the best results, turn your energy towards more significant factors like your payment history and credit utilization.
And if you could use a little help boosting your score, remember that you have access to several great credit repair companies.