Have you seen an EMS credit inquiry on your report recently?
EMS is a credit checking business that provides credit reports to mortgage lenders.
When you apply for a home loan, you consent to a hard credit inquiry.
If you applied for a mortgage recently, the guide below will show you the impact your application could have on your report.
If you didn’t apply, read on for pointers on how to get the fraudulent entry deleted from your report.
EMS On My Credit Report
The credit reporting code EMS stands for Equifax Mortgage Services.
Equifax is one of the three main credit bureaus, but it serves as more than a bureau.
This branch of Equifax is employed by mortgage lenders to obtain their applicant’s credit reports.
Prospective lenders use the info contained in your credit report to determine if you are the type of lender they’re looking for.
Whenever you apply for a loan or credit card, you are consenting to a hard inquiry.
We’ll talk about what that entails below.
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 Will an EMS Credit Inquiry Affect Your Report?
A hard inquiry has an impact on your credit report, and consequently, your score. This differs from a soft inquiry, which has no influence on your credit at all.
A soft inquiry verifies your score, allowing you to check it online, compare quotes, or pre-qualify for loan offers.
You might also undergo a soft credit check when you apply for a new house or apartment or submit to a background check by an employer.
Soft inquiries are not visible to lenders, and they don’t have any influence on your score.
When you take it a step further and complete an application for a mortgage, you open yourself up to a hard inquiry.
With a hard inquiry, your lender can obtain any or all of your credit reports, so one or more of your scores could be lowered after your application.
Though you may not have applied for a mortgage directly from Equifax, they can show up on your report rather than the actual lender’s name.
Fortunately, a hard inquiry shouldn’t lower your score too drastically, normally dropping it by a few points, at most.
Hard inquiries become less impactful over time, and they fall off your credit report in two years.
However, you should be mindful of how many applications you submit.
While one or two hard inquiries in a 12-month period won’t hurt your creditability, having lots of them on your report signals financial instability to prospective lenders.
For future reference, when you apply for mortgages from multiple lenders to compare your options, complete all your applications within 14 days.
That way, you won’t be slapped with a hard inquiry for each application and your score will only suffer minimal damage.
How to Remove An EMS Credit Inquiry from Your Credit Report
If you applied for a mortgage before finding EMS on your report, you have nothing to worry about.
However, if you still aren’t sure how EMS made its way onto your credit report, it’s important to use the tips below to get the hard inquiry off your credit report.
Dispute the Inquiry with Equifax and Other Bureaus.
Whenever you find a reporting issue, you need to dispute it promptly.
Inaccurate entries could be the result of a reporting error, or they might mean someone is using your identity fraudulently to get approved for credit.
Thanks to the Fair Credit Reporting Act, the bureaus have to look into cases of suspected fraud if you send them a dispute.
When you call, write, or submit a dispute online, the bureaus have 30 days to investigate your case.
If it’s evident that you didn’t consent to a credit check or submit a mortgage application, it should get removed from your report quickly.
You should also contact EMS directly to get to the bottom of the inquiry and find out what prompted it.
If you suspect that identity theft is involved, you should also:
- Freeze your credit reports
- Place a fraud alert on your reports
These two steps will alert the bureaus to what’s going on and prevent further damage from being done to your credit.
The app is intuitive and user-friendly, and it breaks down your credit factors in a way that is easy to understand.
You get tailor-made advice for improving your credit, with offers that you’re either pre-approved or likely to be approved for.
Most importantly, you’ll get regular updates on your score and any additions to your report, allowing you to catch issues as soon as they arise.
Consider Paying for Credit Repair Services
If getting EMS off your credit report is proving to be more time-consuming than you’d like, you may want to employ the services of a credit repair company.
Credit repair companies offer assistance to individuals struggling with a range of credit problems, including disputing fraudulent entries.
They’ll call and write to Equifax on your behalf, relieving some of the stress.
If you’re dealing with even more credit issues than an inaccurate entry, they’ll have your back.
Credit repair companies are also experts at dealing with:
- Charge offs
- Collections entries
- Identity theft cases
- Inaccurate reporting
- Poor payment histories
They’ll look into all the issues plaguing your credit report and do what it takes to help you improve your score.
Getting hit with a hard inquiry after applying for a mortgage is the least of most people’s credit concerns.
It’s one of the least damaging types of entries that can be added to your report, and it won’t be there for long.
That being said, you shouldn’t ignore an entry from a company you don’t recognize.
Take a few moments to reach out to Equifax Mortgage Services about the inquiry. It may jog your memory.
If you didn’t apply for a mortgage or serve as a cosigner for someone else’s mortgage, take action by disputing the inquiry with the bureaus.
A month from now, the entry could be off your report and out of your mind.