Does a Microbilt Loan Inquiry Lower Your Credit Score?
If you’ve come across a new listing on your credit report with Microbilt, it is likely the result of a recently applied for loan or credit card.
Loan applications result in tough inquiries that allow lenders to access your credit reports.
While a hard query shouldn’t hurt your bankroll too much, it’s important to remove fraudulent entries from your report.
Learn more about what microbilit is and how it can affect your credit score.
We’ll also give you tips on how to delete a questionable request from your report.
Microbilt credit request in my credit report
Microbilt is a third-party loan provider that helps lenders assess the risk of potential borrowers.
Whenever you apply for a mortgage, loan, credit card, or line of credit, your lender can use a company like Microbilt to access your credit reports.
The company provides Experian, Equifax, and TransUnion credit reporting data and forecasting tools to assist creditors with the underwriting process.
Whether you applied for a loan directly or served as a co-signer or authorized user for another borrower, Microbilt could be on your credit report.
If you are overwhelmed with handling negative entries on your credit report,
We encourage you to seek help from a professional credit repair company.
Call Lex Law for help
How does a micromachined request affect your balance?
When you’re doing a credit check or getting a few quotes online, your credit report may undergo a soft request.
This type of borrowing is only used for verification purposes. It won’t lower your credit score or get it on your report.
Soft inquiries are a common occurrence when applying for a new job or an apartment lease as part of the background check.
Hard requests are different. They occur when you apply for a loan and allow lenders to access all of the data on your credit reports.
While some lenders will only use one of your reports to make their decision, others will rely on two or all three of your reports.
This means that a hard query can appear in more than one of your reports.
Hard inquiries will be entered into your report, which will take a total of two years.
Each hard pull can lower your score by a few points, with multiple requests adding up to do more damage.
Lenders expect a query or two on your report because you have to put yourself under the toughest train every time you want to get new credit.
However, you shouldn’t keep applying for new credit cards and new loans.
If you have too many inquiries about your report within a year, it could indicate that your financial situation is not very stable, which is preventing some lenders from approving you.
Hence, before applying for future loans and cards, you should take a quick look at the loan requirements to keep the damage to a minimum.
How to Remove a Microbilt Loan Request from Your Report
If you’ve applied for a loan that resulted in a request from Microbilt, it is best to wait for the request to expire in two years.
However, if you’re still unsure how Microbilt ended up on your report, use the pointers below to remove the hard query.
Deny the inquiry with Microbilt and the offices
A shady request is likely the result of:
- A simple reporting bug
- Identity fraud
In either case, don’t let a suspicious request be pushed.
Fair Credit Law requires credit bureaus to investigate if you dispute a tough query about your credit report.
You can start the dispute process by contacting the offices:
The offices will then have 30 days to investigate the dispute. Once a month has passed, the fraudulent entry should be removed.
We also recommend contacting the Microbilt source for details and documentation to help resolve your dispute.
Talking to them can completely clear up the situation if there is an error in the reporting.
Pro tip: Sign up for credit monitoring and you will never miss a new request on your report.
You will receive regular point updates and notifications of changes to your report.
Credit Karma also gives you tools to increase your score, as well as credit card and loan offers with pre-approval or high approval rates.
Use a credit repair company
If the idea of confronting Microbilt is uncomfortable, consider hiring a credit repair company to help.
They can search for you with the credit bureaus and Microbilt to ensure that inaccurate inquiries don’t stay on your report.
But that’s just the beginning. If you are dealing with more complex credit problems and you feel like you are overwhelmed, they are well equipped to help you.
They can help you with problems like:
- Collection entries
- Identity theft
- Late payments
- Real estate liens
If you’re not sure where to start, check out our list of the best credit repair companies.
We’ve thoroughly reviewed all of your best options based on their cost, customer ratings, and results.
Remove Microbilt from your report
If you are concerned about how Microbilt got on your credit report, knowing that you are covered by fair credit report law can relax.
If you suspect identity fraud, you can report it to the government, freeze your reports, and alert the offices to the situation.
If you’ve requested funding that resulted in a request from Microbilt instead of trying to remove it, you’re working on other ways to improve your credit score.
Sign up for credit monitoring, use your available funds responsibly, and you should see an improvement in your score.
And, as always, remember that you have access to a handful of great credit repair companies whose track records speak for themselves.