Credit Questions
What is a Credit Bureau?

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, 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:

  • 35% - Payment history: Paying bills on time is one of the largest factors influencing your credit score, and timely payment history is key to improving your credit strength.
  • 30% - Balances owed: How much you owe in relation to credit limits, and how close you are to reaching (or exceeding) your credit lines influences your credit score.
  • 15% - Length of credit history: The older your accounts are, the longer you have to prove your creditworthiness. Having good-standing accounts open for longer periods of time can raise your score over time.
  • 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 term debt (with a set payment schedule over several months) and revolving debt (where the lender tells you the maximum you can borrow) helps to prove you’re a reliable borrower.

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).

Why do I have more than one credit score?

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:

  1. VantageScore Solutions, LLC: Created in 2006, the VantageScore is an advanced scoring technique developed by the three credit reporting agencies to be more predictive and consistent, creating less confusion and hassle for you. VantageScore is also used by lenders and banks to judge your reliability.
  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.

QLCredit offers your VantageScore® and Equifax Credit Report, both updated monthly for free.

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. 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.

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

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:

  • 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?

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.

How often does my credit information update?

Your credit score and Equifax credit report are updated once per month for free!

Will pulling my credit with QLCredit lower my credit score?

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.

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

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:

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

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:

  • Check your credit report often to see your progress and ensure information is accurate
  • If there are errors on your report, correct them here
  • Effectively manage your current debt (what does that mean?)-make sure you’re not spending too much and aren’t making any big purchases right before applying for a mortgage
  • Pay down, but don’t close credit, credit cards
  • Avoid using more than 30% of your available credit (credit utilization)
  • Keep your Debt-to-Income ratio at or below 30%
  • Prepare an adequate down payment (what is an adequate down payment?
Who do I contact to get a mortgage or refinance my home?
If you are interested in a mortgage or refinancing, you can contact a banker at our sister company, Quicken Loans, at 1(800)304-1255. If you would prefer to go through the process online, you can get pre-approved online in minutes from https://rocket.quickenloans.com.
General Account Questions
Is QLCredit safe?

Yes. QLCredit uses industry-leading security measures to verify your identity and protect your information.

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

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.

I failed the identity verification section and my account is now locked for 72 hours. Now what?

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:

  • You recently moved or changed your name. If this is the case, your information may not be up to date on your credit file by Equifax. Try entering the same information you did on your most recent loan or credit card application.
  • There were typos in your personal information.
  • There could be an error on your report – Equifax may have incorrect information, including name, date of birth, address, or loans you’ve taken out. If you think there could be an error, you can contact them directly to verify your information or place a dispute: https://www.ai.Equifax.com/CreditInvestigation/home.action

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 identity verification questions do not pertain to me. Why?

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.

I live in Vermont - why can't I create an account?

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.

How do I reset my password?

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.

How do I cancel my plan?

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.

How do I close my account?

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.

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.