Did the name ACRAnet recently appear on your credit report?
If so, it’s probably because you’ve applied for a mortgage, a new apartment, or even a job.
While you might expect a credit check when you apply for a loan, many consumers don’t realize that background checks can result in a hard credit check as well.
Whether a lender, landlord, or employer requested a screening of your credit report through ACRAnet, read on to learn more about how a hard inquiry from the company may impact your score.
We’ll also give you a few pointers that may help you to get the entry completely removed from your report.
What Is ACRAnet On My Credit Report?
As mentioned above, ACRAnet specializes in consumer reporting, primarily running credit checks for:
- Mortgage Services
- Tenant Screening
- Employment Vetting
The company also provides retail, commercial, and automotive screening, but on a smaller scale.
Lenders and service providers turn to companies like ACRAnet in order to obtain consumer credit reports to aid them in their approval process.
ACRAnet has dozens of partners, including:
- EPN Solutions
- Fannie Mae
- Freddie Mac
- Hire bridge
- National Consumer Reporting Association
- National Student Clearinghouse
How Long Does a Hard Credit Inquiry Stay on Your Report?
If you don’t get it deleted from your report, a hard inquiry will remain there for a total of two years.
During that time, it can lower your score, with its impact lessening over time.
This is different from a soft inquiry, which merely checks your score and doesn’t affect it.
Soft credit pulls happen when you check your score with a credit monitoring app or get pre-approved for loan offers.
When you take the next step and apply for a loan, you can expect your score to be hit as it typically warrants a hard inquiry.
Hard credit checks can affect one of your credit reports, or all three of them. It depends on which reports were requested.
Fortunately, one hard credit check won’t do you in; it may only drop your score by a couple of points, and it will be gone in two years, max.
When you have several hard inquiries on your report, the effects can be more severe.
To lessen the impact of hard inquiries, you should:
- Only apply for loans you’re likely to be approved for.
- Complete all of your applications for the same type of loan within 14 days.
Get a Free Copy of Your Credit Report
How to Remove ACRAnet from Your Credit Report
While a hard inquiry may not do too much damage to your score, if you didn’t apply for a job, apartment, mortgage, or any other source of funding that usesACRAnet, you should try to get the hard inquiry deleted from your report.
Dispute the Inquiry with ACRAnet and the Bureaus
Sometimes, reporting mix-ups can lead to credit inquiries. In other instances, identity fraud is to blame.
In either case, you’re within your legal rights to seek validation for any inquiries on your report.
The Fair Credit Reporting Act grants you 30 days to submit a letter disputing ACRAnet’s entry if you believe it’s erroneous.
When you do, ACRAnet should produce details about the application that resulted in the inquiry.
If you can prove to the company or the credit bureaus that you never consented to an application with a credit inquiry, you should be able to get it deleted.
You should be the first to know any time there’s a change to your credit report.
Take advantage of free credit monitoring services like those offered by Credit Karma to stay on top of your score and any new inquiries that might appear.
Let a Credit Repair Company Give You a Boost
Need help dealing with ACRAnet and the bureaus? If so, you should turn to a credit repair company for assistance.
They’re pros at disputing entries and getting inaccurate ones deleted from credit reports.
No matter the extent of your credit issues, a credit repair company can be a huge asset, providing you with customized, one-on-one, expert services.
They deal with more than just hard inquiries, too, helping people to rebuild their credit in the aftermath of:
- Charge offs
- Collections-stage debt
If you don’t want to spend time talking to ACRAnet’s representatives and mailing letters back and forth, a credit repair company could be worth considering.
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Getting ACRAnet Removed from Your Report
People apply for home loans, jobs, and apartments all the time.
While finding an inquiry on your credit report accompanied by a drop to your score may be disconcerting, you shouldn’t stress too much over it.
More than likely, your score will only decrease by a few points, and the inquiry will be forgotten in two years.
If you didn’t recently apply for a house or new position or apartment, you should contact ACRAnet and the bureaus ASAP.
Take a look at some of the best credit repair companies or start working to improve your score on your own today.