Credit Plus is what’s known as a hard inquiry. Hard inquiries occur when a lender pulls your credit report when applying for a loan.
Generally you can remove inquiries from your report if any of the following has happened:
Credit Plus reviewed a copy of your credit report(s) to decide whether or not to lend to you, which appears on your report as a hard inquiry.
Lenders are required to report hard inquiries everytime they pull your credit reports because you asked for credit. They use this reporting to track how often you’re applying for credit cards, loans, etc., which in their eyes makes you a higher risk.
If you don’t recognize this company, consider what else you may have applied for around the date of the inquiry, as many times businesses will use 3rd parties to pull credit reports which regularly causes confusion.
Hard inquiries, or hard pulls, occur every time you apply for credit and a lender needs to pull your credit reports to make an informed decision whether or not to approve you.
The most common reason for these are when applying for:
If you have identified an inquiry on your credit report from Credit Plus or any other lender without your consent, it is essential to take action right away. Begin the process by getting a copy of your credit report and reading through it in its entirety to spot any inaccurate entries. Afterward, you should send a dispute to the credit bureau(s) associated with the inquiry, including any evidence that could support your claim.
The credit bureau(s) will carry out a thorough investigation and either validate or remove the inquiry from your file. This could lead to an improvement in your score which may make creditors more amenable towards working with you. Should the inquiry be legitimate though, it will stay on your report for up to two years.
Applying for credit inevitably leads to hard inquiries, which can negatively affect your credit score. To protect and uphold your score, strive to limit the number of requests you make in a short period of time. Multiple entries within this timeframe may give lenders the wrong impression and they may assume that you are experiencing financial difficulty or overstretching yourself.
A great way to prevent this is to plan ahead when it comes to applying for credit; if you have an upcoming mortgage application, consider holding off on any other forms of borrowing until afterward. Similarly, only pursue creditor requests when your credit history is strong and there is a high chance of acceptance. Following these steps will help ensure that your current credit score remains unfazed and improve your chances of being approved for new loan opportunities.
Hard inquiries (like Credit Plus) will remain on your credit report for a maximum of 2 years, regardless of whether or not your credit with was approved. Depending on the scoring model used, hard inquiries will stop affecting your score between 3 to 12 months.
If you’ve ever received a pre-qualification offer for a credit card, auto loan, mortgage, or anything else of that nature, a soft inquiry, or soft pull, was used. Unlike hard inquiries, soft inquiries have nothing to do with you requesting new credit, and as such they’re not visible to anyone except you and do not lower your score.
If the inquiry is a result of identity theft, then yes, TBOM/CONTIN can be removed from your credit report, this is something we can help with.
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