I've never heard of a credit report suggesting someone take on more credit.  I've literally seen thousands upon thousands of credit reports and I've never seen it.  Maybe it's a credit report from a credit monitoring service that has a marketing agreement with a bank or something.

I would think it would be a double edged sword.  First, you would have a "hard" credit inquiry which would drop your score.  After some time, with a larger available balance afforded you with the new equity line I could see where that could help your score, but as long as you didn't use it.