What is Credit Plus on your credit report?
Credit Plus, Inc. is a credit reporting agency that specializes in providing mortgage lenders with the credit data they need to make informed lending decisions. If you’re in the process of applying for a mortgage, your lender may use Credit Plus to pull your credit report, which will result in a hard inquiry on your credit file.
Seeing a Credit Plus inquiry on your report means that your credit was reviewed as part of a mortgage application. While this inquiry is part of the normal lending process, it can have a small impact on your credit score, especially if you have multiple inquiries over a short period.
Why does Credit Plus appear on your credit report?
When you apply for a mortgage, the lender often partners with agencies like Credit Plus to check your credit report. This hard inquiry allows lenders to assess your creditworthiness and decide whether to approve your loan. Even if the application doesn’t go through, the inquiry will still be listed on your credit report.
Multiple hard inquiries, such as those from mortgage applications, can lower your credit score temporarily, which is why it’s important to be mindful of the number of credit applications you submit.
Hard Inquiries from Credit Plus: What You Should Know
A hard inquiry from Credit Plus happens because your lender needs to assess your financial history before approving a loan. Hard inquiries are common for various types of credit applications, but they tend to have the most significant impact when made for large loans, such as mortgages.
Although the effect of a single hard inquiry is minimal, accumulating several of them within a short span could signal to lenders that you’re seeking credit from multiple sources. This could lead them to perceive you as a higher risk, which may affect their lending decision.
How long does a Credit Plus inquiry stay on your credit report?
Once a hard inquiry from Credit Plus is made, it will remain on your credit report for up to two years. The effect on your credit score is most noticeable within the first year, gradually fading as time passes. However, during this period, lenders will be able to see the inquiry when reviewing your credit report.
It’s important to remember that hard inquiries don’t always have a significant impact, but multiple inquiries over a short period can lower your score and raise concerns with future lenders.
Handling Unauthorized Credit Plus Inquiries
If you notice a Credit Plus inquiry on your report that you don’t recognize, or you believe is incorrect, it’s important to act quickly. Contact Credit Plus directly to verify the inquiry. If the inquiry is indeed unauthorized, you can dispute it with the credit bureaus. In many cases, unauthorized inquiries can be removed if they are found to be fraudulent or erroneous.
Credit Plus Contact Information
Address:
Credit Plus
31550 Winterplace Parkway
Salisbury, MD 21804
Phone number: (800) 258-3488
Can a Credit Plus inquiry be removed from my credit report?
If a Credit Plus inquiry is determined to be inaccurate or unauthorized, you can file a dispute with the credit bureaus to have it removed. It’s important to gather as much information as possible and follow up with both Credit Plus and the bureaus to ensure the inquiry is corrected.
Some consumers choose to work with credit repair services to help them through this process. Credit Saint is a leading credit repair firm that specializes in removing inquiries and other inaccurate negative marks from your credit report.
They can also help you dispute and possibly remove the following items:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Removing Inquiries Has Never Been Easier
If you’re in search of a reliable credit repair company to help you fix your credit, consider working with Credit Saint. They have a proven track record of helping clients in similar situations.
Visit their website and fill out the form for a free credit consultation to explore how they can assist you in improving your credit standing.
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