Is LexisNexis/INS/P&C on your credit report? If so, it could be bringing down your credit score.
The abbreviation above represents property and casualty insurance, and it could be on your report because you recently applied for an insurance policy.
If you didn’t apply for an insurance policy recently, you could be the target of an identity thief or a reporting error.
However, if you did apply for property and casualty coverage, the entry from LexisNexis/INS/P&C is nothing to worry about.
Read on for more insight into what LexisNexis is. We’ll also explain what a hard inquiry does to your credit and how you may be able to get an entry deleted.
LexisNexis/INS/P&C On My Credit Report
LexisNexis is a company that provides businesses with data-driven research and risk management services.
The corporation partners with insurance agents and providers, including those that sell property and casualty insurance.
As such, they may access your credit reports and other records on behalf of an insurer when you submit an application.
With its National Credit File program, LexisNexis may access data from all three of your credit reports.
This would result in a hard inquiry on one or more of your reports.
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 a LexisNexis/INS/P&C Hard Credit Inquiry Affects Your Report
It’s important to understand the difference between hard and soft credit pulls.
Soft Credit Inquiry
As its name suggests, a soft inquiry has less of an impact on your credit than a hard one does.
Soft credit checks are used to verify your scores whenever you:
- Access your score with a credit monitoring app
- Get quotes for an insurance policy, credit card, or loan
- Pre-qualify for an offer
Soft inquiries do not damage your credit score whatsoever. While you can view your soft inquiries, they will not be displayed to lenders.
Hard Credit Inquiries
Hard inquiries are different. They take place when you move past the stage of comparing quotes and actually apply for a loan or a credit account.
These inquiries give lenders full access to your credit reports. which can be crucial to their decision of whether or not to approve your application.
Hard inquiries do drop your score, but only by a couple of points. The inquiry is also added to your credit report, where it stays for two years.
If you’ve worked hard to maintain a strong credit score, seeing it decrease can be a disappointment. But hard inquiries are a basic requirement for getting new accounts.
While lenders can see all the hard inquiries on your report, these entries aren’t likely to hurt your approval odds for future loans or cards, unless you have several.
A few inquiries are acceptable, but several can suggest financial instability and scare lenders away.
Before you apply for your next credit card or loan, take a few moments to research your approval odds.
You can also limit the impact of hard inquiries by submitting all your applications within 14 days of each other when you’re comparing rates.
How to Remove LexisNexis/INS/P&C from Your Credit Report
Say the hard inquiry is legit. Meaning it’s there because you applied for a loan/policy or consented to be an authorized user for a loved one.
If so, you probably won’t be able to get it deleted from your report.
But if the sections above left you with even more questions than before and you’re confused about the source of the inquiry, you should use the info below to get it deleted.
Here are two ways to get a hard inquiry removed from your credit report.
File a Dispute
Like debt collection entries, you can dispute hard inquiries that appear to be inaccurate.
In this case, you are protected by the Fair Credit Reporting Act.
This act allows you to file a dispute with the credit bureaus. And it will grant them 30 days to look into the entry.
If it’s there by mistake, it will be removed from your report.
In addition to filing a dispute with the bureaus, you might want to contact LexisNexis about the inquiry.
If someone has used your info to apply for a loan or insurance, a conversation with LexisNexis could provide you with the information you need to put an end to the fraud.
You can also put a fraud alert on your credit reports, as well as enabling a credit freeze, which blocks creditors from accessing your reports in order to approve new credit applications.
One of the keys to improving your credit and keeping your score high is to monitor your credit.
All you need to do is take a few moments to register for a free credit monitoring app like Credit Sesame or Credit Karma.
These apps will provide you with routine updates on your credit score, and they’ll let you know when something is added to your report, giving you the option to verify or report new entries.
You can also get advice for improving your score, with special credit offers made for you.
Pay for a Credit Repair Service
You can definitely file a dispute against a collections agency or credit reporting service on your own, but you don’t have to.
They can help you take the steps necessary to recover from the issue, and also help you deal with more damaging credit problems.
- Collections entries
- Identity fraud
- Inaccurate reports
- Payment history
A credit repair company can save you from hours of phone calls and letter writing.
They’re expertly trained to get inaccuracies off your report and provide you with strategies to boost your score efficiently.
Dealing with LexisNexis/INS/P&C
If you’re worried about an entry from LexisNexis but the application that prompted the entry is legit, you have absolutely no need to stress.
Hard inquiries happen, and as long as you keep them to a minimum each year, they won’t severely impact your score or your access to credit.
If you don’t recall whether or not you consented to a hard credit check, take a few moments to contact LexisNexis.
The call could jog your memory, and if it doesn’t, you have plenty of resources to help you set the record straight and get the inquiry deleted from your report.
Still need help improving your credit? If so, remember that you can find great resources with a credit monitoring service and hands-on assistance from several excellent credit repair companies.