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.
Your credit report is a "file" of your credit history, showing your loans, credit cards, credit limits, payments as well as other aspects of your financial history.
Credit scores are calculated using information provided on your report by all three credit reporting agencies; It’s based on the following factors:
To learn more on the differences between your credit report and credit score, visit the Zing Blog (link to below https://www.quickenloans.com/blog/credit-reports-credit-scores-important).
The three Credit Bureaus compete to collect your financial information. While the data that each company collects is mostly the same, it can vary slightly, which can cause the scores to be different.
Two large companies which produce Credit Scores are:
QLCredit offers your VantageScore® and Equifax Credit Report, both updated monthly for free.
A soft credit inquiry describes when you or a company pulls your credit report as part of a background check or for educational purposes. Viewing your credit report on QLCredit is a soft inquiry and will NOT impact 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.
Checking your complete credit report every month will allow you to look for any errors or suspicious activity that may be in your name.
Found an unauthorized credit card account or hard inquiry on your report? Creating an account with QLCredit will allow you to see these and begin the process of getting them taken care of.
Check for these typical credit notification red flags:
Under the Fair Credit Reporting Act (FCRA), both the credit reporting agency and the information provider (that is, the person, agency or organization that provides information about you to a credit reporting agency) are responsible for correcting inaccurate or incomplete information on your report.
If you believe there may be inaccurate or incomplete information on your report, please contact the credit reporting agencies by using these links:
To be sure the errors are removed from your credit report, contact both the credit reporting company and the company that provided the information. You should explain what you think is wrong, why, and include copies of documents that support your dispute. 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.
Your credit score and Equifax credit report are updated once per month for free!
No. QLCredit pulls your credit report for your educational purposes; this “soft” inquiry will never impact your score. Conversely, lenders will make a “hard” inquiry for lending decisions. This credit pull has the potential to lower your score by a few points.
A good credit report and credit score can improve you chances of qualifying for a mortgage; they can also help you to get the best interest rate. Higher credit scores tend to help you qualify for more competitive mortgages and rates, while lower credit scores may hurt your chances of qualifying for a mortgage or force you into a higher interest rate.
Other important determining factors include:
Like with any goal, qualifying for a mortgage is achievable with the right tools and discipline.
Learn where your credit needs to be, and find specific opportunities to positively impact it with QLCredit:
Yes. QLCredit uses industry-leading security measures to verify your identity and protect your information.
Your Social Security Number is needed to verify your identity and to obtain your free credit score and report from the credit reporting agencies. This prevents other people who don’t know your SSN from stealing your information.
Failing identity verification happens when the personal information Equifax has for you on file doesn’t match the personal information you entered in.
This could happen for a few reasons:
Please also note that when answering the identity verification questions, sometimes "none of the above" is the correct answer.
To protect you against identity theft, your account gets locked for 72 hours after two attempts to verify. Once the 72 hours is up, you can attempt the identity verification questions again!
The questions needed to verify your identity come from Equifax and are written so that you are the only one who can answer them. This is to protect you against identity theft. If the questions do not pertain to you, “none of the above” may be the correct answer.
If multiple questions do not pertain to you, you may have inaccurate information on your credit report. Please reach out to Equifax to ensure your report is accurate. You can contact Equifax directly at 1-866-349-5191 or begin a dispute on their website: http://www.equifax.com/cs/Satellite?pagename=contact_us.
The state of Vermont requires us to get your e-signature before you can receive your credit report. Unfortunately, we don’t currently have this functionality, so at this time we are unable to provide you with your credit report.
We are actively working for a solution In the meantime and will update our site when we have found a solution.
Go to the Reset Password page. You will be asked to type in your email address and date of birth. Click the submit reset button below, and check your email. You will be sent an email with instructions to reset your password.
To cancel your plan, sign into your account and go to the My Account (link to my account page) page. Click "Cancel My Plan" near the top of the page. Once your plan has been cancelled, you will automatically be enrolled in the Starter Plan.
To close your account, go to the Account Close section at the bottom of the My Account page. You may need to sign in again to complete this action.
We're here to help! If you can’t find an answer to your question please email us at Help@QLCredit.com.