Is a Microbilt credit inquiry lowering your credit score?
If you’ve come across a new entry on your credit report from Microbilt, it’s probably the result of a recent application for a loan or credit card.
Credit applications result in hard inquiries, which allow lenders to access your credit reports.
While a hard inquiry shouldn’t hurt your credit too much, it’s important to get fraudulent entries removed from your report.
Learn on to discover more about what Microbilit is and how it could affect your credit score.
We’ll also provide you with tips for getting a questionable inquiry deleted from your report.
Microbilt Credit Inquiry On My Credit Report
Microbilt is a third-party credit report provider that helps lenders assess how risky prospective borrowers are.
Whenever you apply for a mortgage, loan, credit card, or line of credit, your lender could use a business like Microbilt to access your credit reports.
The company provides Experian, Equifax, and TransUnion credit report data, along with predictive tools to help creditors through the underwriting process.
Whether you applied directly for a loan or served as a cosigner or authorized user for another borrower, Microbilt could be on your credit report.
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 Microbilt Hard Inquiry Affect Your Credit?
When you check your credit score or grab a few quotes online, your credit report may undergo a soft inquiry.
This type of credit pull is just used for verification purposes. It doesn’t lower your credit score or get placed on your report.
Soft inquiries often happen when you apply for a new job or a lease on an apartment as part of the background check.
Hard inquiries are different. They occur when you apply for credit, and they allow lenders access to all the data in your credit reports.
While some lenders only use one of your reports to make their decision, others will rely on two or all three of your reports.
That means a hard inquiry could show up on more than one of your reports.
Hard inquiries are entered on your report, staying there for a total of two years.
Each hard pull can lower your score by a few points, with several inquiries adding up to do more damage.
Lenders expect to see an inquiry or two on your report as you have to submit to hard pulls anytime you want to obtain new credit.
However, you shouldn’t constantly apply for new credit cards and loans.
Having too many inquiries on your report in the span of a year can suggest that your financial situation isn’t very stable, deterring some lenders from approving you.
As such, you may want to take a quick look at the credit requirements before applying for future loans and cards to keep the damage to a minimum.
How to Remove a Microbilt Credit Inquiry from Your Report
If you applied for a loan which resulted in an inquiry from Microbilt, your best bet is to wait for the inquiry to expire in two years.
However, if you still aren’t sure how Microbilt wound up on your report, use the advice below to get the hard inquiry removed.
Dispute the Inquiry with Microbilt and the Bureaus
A shady inquiry is probably the result of:
- A simple reporting error
- Identity fraud
In either case, you shouldn’t let a suspect inquiry slide.
You can start the dispute process by contacting the bureaus:
- By phone
- Via mail
The bureaus will then have 30 days to look into the dispute. Once a month is up, the fraudulent entry should be taken down.
We also recommend going to the source, Microbilt, who can give you details and documentation to help with your dispute.
Speaking with them may clear up the situation entirely if a reporting error is at fault.
Pro Tip: Sign up for credit monitoring, and you’ll never miss a new inquiry on your report.
You’ll get regular score updates and alerts for changes to your report.
Credit Karma also gives you tools for boosting your score, as well as credit card and loan offers with pre-approval or high approval odds.
Use a Credit Repair Company
If the idea of confronting Microbilt is an unpleasant one, you may want to hire a credit repair company to help.
They can go to bat for you with the credit bureaus and Microbilt, ensuring that inaccurate inquiries don’t stay on your report.
But that’s only the beginning. If you’re dealing with more complex credit issues and feel that you’re in over your head, they’re well-equipped to assist you.
They can help you tackle issues like:
- Charge offs
- Debt collections entries
- Identity theft
- Late payments
If you aren’t sure where to start, look at our list of the top credit repair companies.
We’ve thoroughly reviewed all of your best options based on their cost, customer reviews, and results.
Getting Microbilt Removed from Your Report
If you’re worried about how Microbilt ended up on your credit report, you can relax knowing that the Fair Credit Reporting Act has you covered.
Whenever you suspect identity fraud, you can report it to the government, placing a freeze on your reports and alerting the bureaus to the situation.
If you did apply for some type of funding that resulted in an inquiry from Microbilt, rather than trying to get it removed, work on improving your credit score in other ways.
Sign up for credit monitoring, use your available credit responsibly, and you should see an improvement in your score.
And as always, remember that you have access to a handful of stellar credit repair companies with track records that speak for themselves.