What is Genesis/FEB-Retail?
Genesis Financial Solutions is a company that focuses on providing private label credit cards and consumer financing for those with poor credit scores. They collaborate with various retailers to offer credit cards that can be used exclusively for in-store purchases. FEB-Retail is a division of Genesis Financial Solutions that specifically deals with retail financing.
When you see Genesis/FEB-Retail on your credit report, it often means you have applied for one of their credit cards, such as the Indigo Platinum Mastercard, Destiny Mastercard, or Milestone Gold Mastercard. This application process results in a hard inquiry on your credit report.
The Impact of Hard Inquiries on Your Credit Score
While a single hard inquiry on your credit report may only lower your credit score by a few points, having too many in a short period of time can cause more significant damage. Lenders may view multiple inquiries as a sign of financial distress or an increased risk for default, making it more difficult for you to secure credit or loans in the future.
How long do hard inquiries stay on your credit report?
Hard inquiries typically remain on your credit report for up to two years. Each time you initiate an inquiry, it is documented by one or all three major credit reporting agencies: Equifax, Experian, and TransUnion. Over time, the impact of hard inquiries on your credit score will lessen, as long as you maintain responsible credit behavior.
Strategies for Removing Genesis/FEB-Retail from Your Credit Report
If you wish to remove Genesis/FEB-Retail from your credit report, there are a couple of approaches you can take:
- Dispute the hard inquiry with the credit reporting agency: To do this, you’ll need to submit a dispute letter, explaining why the inquiry is inaccurate and requesting its removal. Keep in mind that this process may require persistence and solid evidence to support your claim.
- Seek assistance from a credit repair company: Companies like Credit Saint specialize in removing negative marks from credit reports. With years of experience, they have a proven track record of success.
They can help you dispute and potentially remove various negative items, such as late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Take Action to Improve Your Credit Today
If you’re facing credit challenges and want to explore your options, consider a free credit consultation with Credit Saint. With their expertise and guidance, many individuals in similar situations have found a path toward better credit.
Visit their website and complete the form to discover what they can do for you. Remember, improving your credit score is a journey that requires patience and proactive steps, but the rewards are well worth the effort.
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