Did you recently see an EMS loan request on your report?
EMS is a credit check company that provides mortgage lenders with credit reports.
When applying for a home loan, you are agreeing to a tough loan application.
If you recently applied for a mortgage, the following guide will show you what impact your application could have on your report.
If you didn’t apply, read on to learn how to remove the fraudulent listing from your report.
EMS on my credit report
The EMS credit report code stands for Equifax Mortgage Services.
Equifax is one of the top three credit bureaus, but it’s not just an office.
This Equifax office is used by mortgage lenders to obtain their applicant’s credit reports.
Potential lenders will use the information on your credit report to determine if you are the type of lender they are looking for.
Whenever you apply for a loan or credit card, you are agreeing to a tough request.
We’ll talk about what that means below.
If you are overwhelmed with handling negative entries on your credit report,
We encourage you to seek help from a professional credit repair company.
Ask Lex Law for help
How does an EMS credit request affect your report?
A hard query will affect your credit report and, consequently, your score. This is different from a soft request, which has no impact on your balance at all.
A soft query will check your score and allow you to review, compare offers, or qualify for loan offers online.
You can also get a soft credit check when applying for a new home or apartment, or undergoing a background check by an employer.
Soft requests are not visible to lenders and will not affect your score.
If you take it one step further and apply for a mortgage, you open yourself to a tough inquiry.
With a tough request, your lender can get some or all of your credit reports so one or more of your scores can be lowered after your application.
While you may not have applied for a mortgage directly to Equifax, they may appear on your report and not on behalf of the actual lender.
Fortunately, a hard query shouldn’t drop your score too drastically and should usually drop it by a few points at most.
Hard inquiries become less effective over time and fall off your credit report in two years.
However, you should consider how many applications you are submitting.
While one or two tough inquiries within a 12 month period won’t affect your creditworthiness, many of them on your report will signal financial instability for potential lenders.
If you later apply for mortgages from multiple lenders to compare your options, complete all of your applications within 14 days.
That way, you won’t be hit with a hard query for every application, and your score will take minimal damage.
How to remove an EMS credit request from your credit report
If you applied for a mortgage before you found EMS on your report, then there is nothing to worry about.
However, if you are still not sure how EMS got into your credit report, it is important to use the tips below to remove the hard query from your credit report.
Dispute the inquiry with Equifax and other offices.
If you find a reporting problem you need to address it immediately.
Inaccurate input could be the result of a reporting error, or it could mean someone is fraudulently using your identity to obtain credit.
Thanks to the Fair Credit Report Act, if you send them a dispute, the offices must investigate suspected fraud.
If you call, write, or file a dispute online, the offices have 30 days to investigate your case.
If it is obvious that you did not agree to a credit check or did not apply for a mortgage, it should be removed from your report quickly.
You should also contact EMS directly to get to the bottom of the request and what made it happen.
Additionally, if you suspect it may be identity theft, you should:
- Freeze your credit reports
- Place a fraud notice on your reports
These two steps will make the bureaus aware of what is happening and prevent further damage to your credit.
Another important step everyone should take is signing up for credit monitoring. You can do this using a free platform like Credit Karma.
The app is intuitive and easy to use and breaks down your credit factors in an easy-to-understand way.
You will receive tailored advice on improving your bankroll with offers that have either been pre-approved or are likely to be approved.
Most importantly, you get regular updates on your score and any additions to your report so that you can spot problems as they arise.
Consider paying for credit repair services
If removing EMS from your credit report turns out to be more time consuming than you’d like, consider using the services of a credit repair company.
Credit repair companies provide assistance to individuals struggling with a number of credit problems, including challenging fraudulent listings.
They call and write to Equifax on your behalf to relieve the stress.
If you’re dealing with even more credit problems than an inaccurate listing, it’s your back.
Credit repair companies are also experts in dealing with:
They will investigate any issues plaguing your credit report and do everything possible to improve your score.
Being hit by a tough query after applying for a mortgage is the slightest credit problem most people face.
It’s one of the least damaging types of entries to add to your report, and it won’t be there for long.
That being said, don’t ignore a listing from a company you don’t know.
Please take a moment to let Equifax Mortgage Services know about the request. It can shake your memory.
If you have not applied for a mortgage or are not co-signing someone else’s mortgage, you can take action by filing the request with the offices.
In a month, it could be out of your report and out of your head.