What is Credit Information Systems?
Credit Information Systems (CIS) is an appraisal management company that specializes in providing credit reports to lenders. These reports help lenders make informed decisions about whether to extend credit to potential borrowers. CIS plays a crucial role in the credit ecosystem by compiling and maintaining credit-related information for individuals, which is then used by lenders to assess credit risk.
How Credit Information Systems Work
CIS collects credit data from various sources, such as banks, credit card companies, and other financial institutions. They then create credit reports, which contain information about an individual’s borrowing and repayment history, outstanding debts, and credit inquiries. These reports are used by lenders to determine the creditworthiness of potential borrowers.
When you apply for a mortgage or any other type of credit, the lender may request a credit report from CIS. This request results in a hard inquiry on your credit report, which can temporarily lower your credit score. Since CIS is a reputable credit reporting agency, having them listed on your credit report as a hard inquiry is normal and expected when applying for credit.
Differentiating Between Hard and Soft Inquiries
It’s essential to understand the difference between hard and soft inquiries, as they have different impacts on your credit report and score.
Hard Inquiries: Impact on Your Credit Score
As mentioned earlier, a hard inquiry occurs when a lender or creditor checks your credit report to make a lending decision. Hard inquiries can negatively impact your credit score, especially if you have multiple hard inquiries in a short period. This is because having multiple hard inquiries may indicate that you are trying to obtain a significant amount of credit, which can be a red flag for lenders.
Soft Inquiries: No Impact on Your Credit Score
On the other hand, a soft inquiry occurs when a company checks your credit history as part of a background check, prequalification, or periodic account review. Soft inquiries do not impact your credit score and are not visible to other potential lenders or creditors.
How long do hard inquiries stay on your credit report?
Whether you get approved for the mortgage makes no difference. The hard inquiry will remain on your credit report for up to 2 years. Each time you make an inquiry, it is recorded by one or all of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Dealing with Unauthorized Inquiries
If you find a hard inquiry on your credit report that you don’t recognize or believe to be unauthorized, it’s crucial to take action. Start by contacting CIS to inquire about the nature of the inquiry. You can find their contact information in the original article.
Credit Information Systems Contact Information
Credit Information Systems
225 S Main St.
Council Bluffs, IA 51503
Phone number: (800) 782-9094
Removing Credit Information Systems from Your Credit Report
If you believe that a hard inquiry from CIS should not be on your credit report, consider seeking assistance from a credit repair service like Lexington Law. They specialize in removing inquiries and other negative items from credit reports and have extensive experience in this field. Lexington Law can help you dispute and potentially remove various negative items, such as late payments, collections, charge-offs, and more.
Improve Your Credit Today
If you’re struggling with a low credit score and want to learn more about improving your credit, consider a free credit consultation with Lexington Law. They have helped countless individuals in similar situations and can provide valuable guidance on your credit journey.
Visit their website and complete the form to see how they can assist you in repairing and rebuilding your credit.
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Here’s a list of some of the nation’s most common credit inquiries.
- CB INDIGO
- Citicards CBNA
- Comenity Bank/ATYLRLMC
- CoreLogic Credco
- CRDT First
- Credco Inquiry
- Credit Plus
- Elan Financial Services
- Equifax Mortgage Services
- Factual Data
- JPMCB Card Services
- MABT CONTFIN
- SYNCB AEVISA
- SYNCB/Amazon PLCC
- SYNCB/Ameg D
- SYNCB/TJX CO DC
- SYW MC/CBNA
- TD Bank Target
- TU Interactive
- Webbank Fingerhut
- WF Bank NA