FAQ


Credit Questions
What is a credit reporting agency?

A credit reporting agency is a company that collects information regarding individual's credit reports, and makes that information available to lenders, financial institutions and more. There are three major credit reporting agencies in the United States: Equifax, Experian and TransUnion. Each credit reporting agency may have different information regarding your credit, which is why monitoring your credit report for errors is very important.

What is the difference between a credit report and a credit score?

Your credit report is a "file" of your credit history – information about your current and past loans, credit card accounts, credit limits, balances, payments and any judgment liens, are all included in your credit report. Your credit report does NOT include information about your personal bank or investment accounts.

Your credit score is calculated based on information provided by all three credit reporting agencies.

Your score is based on five main factors. Percentages are estimates of the factor's average score impact.

  • 35% - Payment history: Timely payment history is key to improving your credit strength.
  • 30% - Balances owed: Balances owed, in relation to credit limits. How close you are to reaching (or exceeding) your credit lines.
  • 15% - Length of credit history: Having good-standing accounts open for longer periods of time can raise your score.
  • 10% - New accounts: Opening multiple credit accounts in a short amount of time can negatively impact your credit score.
  • 10% - Types of credit in use: A mix of responsible revolving and term debt accounts makes you a more reliable borrower.
Why do I have more than one credit score?

The three Credit Reporting Agencies (CRA) compete to collect U.S. consumer's information. While the data from each company should contain most of the same information, there may be some differences. This can cause the scores calculated based on each CRA to be different. Two large companies which produce Credit Scores are:

1) Fair Isaac Corporation (FICO) is a scoring model used by lenders to judge your reliability when it comes to paying back a loan. FICO has been developing and changing over the past 25 years, and has over 15 different scores for mortgage, credit cards, auto loans and more.

2) VantageScore® is a fairly new (2006) advanced scoring technique developed by the three nationally recognized credit reporting agencies. VantageScore® is also used by lenders and banks to judge your reliability. The model was created to be more predictive and consistent, creating less confusion and hassle for you.

Since the scores are measured a bit differently, and lenders could have proprietary scores, we recommend keeping track of your VantageScore® month-to-month. You should not worry about differences between each type of credit score. Focus on your debt awareness, payment history, spending behavior and how each impacts your VantageScore®.

What is a "soft" inquiry and how does it differ from a "hard" inquiry?

A soft credit inquiry describes when you or a company pulls your credit report as part of a background check or for educational purposes. These inquiries may be recorded on your report, depending on the reporting company, but do NOT affect your score.

A hard inquiry describes when a lender, creditor, or financial institution pulls your credit report while making a lending decision. These require your prior authorization, may lower your score, and remain on your report for two years.

Viewing your complete credit report on QLCredit is a soft inquiry and will NOT impact your score.

How can I use my credit report to protect my identity?

Make sure you check your complete credit report every month. Protect yourself by creating an account with QLCredit and get an updated report to help check for any suspicious activity.

Check for these typical credit notification red flags:

  • New accounts on your credit report you did not open.
  • Errors on your credit report.
  • Incorrect personal information, such as change of address.
What should I do if I find inaccurate information on my credit report?

Click here to dispute the information with each credit reporting agency.

If you are disputing an error online with Equifax®, they may request a ten-digit confirmation number - you do not need this number to submit your dispute.

How often does my credit information update?

Your credit score and complete credit report are updated throughout the month. Be sure to sign up with QLCredit to monitor your credit report once a month.

Will pulling my credit with QLCredit lower my credit score?

No. QLCredit’s “soft" inquiry on your credit report is accessed for your personal use, and not for lending decisions, thus never impacting your score.

Home Loan Questions
How does my credit affect my ability to get a mortgage?

You probably already realize that a good credit history can improve your chances of getting a competitive mortgage. Both your credit score and report are used in determining what programs you are eligible for. Credit scores are determined based on the information on your credit report. Higher credit scores generally help qualify you for the most competitive programs.

The tricky part is that you have multiple credit scores.

Other important determining factors include:

  • Credit history with multiple lenders
  • Credit utilization
  • Debt-to-Income ratio
  • Annual income
  • Down payment amount
  • Total assets
  • Savings
Am I mortgage ready?

Like any other goal, qualifying for a mortgage is achievable with the right tools and awareness.

Learn where your credit needs to be and find specific opportunities to improve:

  • Check your credit report often and correct mistakes
  • Effectively manage your current debt
  • Pay down, but don’t close credit cards
  • Avoid using more than 30% of your available credit
  • Have a responsible Debt-to-Income (DTI) ratio
  • Prepare an adequate down-payment
General Account Questions
Is QLCredit safe?

We use industry-leading security measures to verify your identity and protect your information including firewalls, encryption and Secure Sockets Layering (SSL).

Why do I need to give you my Social Security Number?

We need your Social Security Number to retrieve your FREE credit score and credit profile information from our credit reporting company partner. This prevents others who do not know your Social Security Number from stealing your credit information.

I have a question that isn’t listed on here. How do I reach you?

We're here to help! If you can’t find an answer to your question please email us at Help@QLCredit.com.

Payment Questions
How do I cancel my plan?
Cancelling your plan is easy. Just go to the My Account page and click Cancel My Plan. Once your current plan has been cancelled, you will automatically be enrolled in the Starter Plan.
Will I be charged monthly?
To keep your account current, your payment will be processed monthly. If you're signed up for a paid plan, you can find your next payment date on your Account Management page.
How do I change my payment information?
Your payment method can easily be updated on your Account Management page.
Is my information safe?
Security is key when it comes to protecting your information. We take extra steps by using industry-leading security measures including firewalls, encryption and more.