Whether you pay for monthly credit monitoring or are just checking in on your credit report, you may be puzzled by the Credco credit inquiry on the report.
Credco is an unfamiliar name to most consumers, but that doesn’t mean it’s a scam. In fact, CredCo, short for Corelogic Credco, LLC., is a legitimate consumer credit reporting agency.
Credco primarily provides lenders with tri-merge credit reports, typically used for mortgage applications and auto dealerships.
Whether you’ve recently applied for a mortgage or other type of loan or perhaps worried Credco’s hard inquiry is a mistake, it’s important to understand both who Credco is and how a hard inquiry affects your score.
You may even be able to get the inquiry deleted from your report with the tips below.
Credco Credit Inquiry
Seeing a new name on your credit report, especially one you aren’t familiar with, can be panic-inducing.
Corelogic Credco is a consumer reporting agency that evaluates consumer information (think social security number), but their real specialty is merged soft inquiry credit reports (soft credit pull) using the FICO method.
It’s important to disclose, they are approved by the three national credit bureaus.
Basically, they provide lenders with a blended report that combines the data from your Equifax, Experian, and TransUnion reports as reported by the three-bureaus.
The lender uses the consumer report created and credit information from a single-source to decide whether to approve your application or not.
They also boast compliance with the United States Patriot’s Act, the OFAC (Office of Foreign Assets Control), FCRA (Fair Credit Reporting Act), and Red Flag Rule.
They also maintain assurances by providing a Risk-Based Pricing compliant Credit Score Disclosure with every Credco report.
Who Uses Credco’s Services?
Credco’s services are primarily used by mortgage lenders, but the company could also be on your report for other types of loan applications, like an auto loan or dealership, for instance.
Credco might also run a soft inquiry when you try to prequalify for a loan. Though it won’t affect your score, you may still see Credco on your report when this happens.
We’ll break down the differences between soft and hard inquiries below.
How Long Will a Hard Credit Check Stay on Your Report?
Unless it gets removed, a hard inquiry will stay on your credit report for 2 years. This means this type of inquiry can lower your score during that time period as well, unlike a soft inquiry.
Soft inquiries have no impact on your score. They occur when you check your score with a credit monitoring service, get quotes, or pre-qualify for a loan.
When you actually apply for one of these loans or a credit card, the credit check is a little more in-depth.
Lenders evaluate your credit reports from one, two, or all three of the major credit bureaus to determine whether or not you’re a responsible borrower.
Since all three of your reports may be accessed, any or all of your scores could be lowered as the result of a hard inquiry.
Fortunately, a hard inquiry should only lower your score by a few points, but use caution when applying for new sources of credit.
The more applications you submit, the more severely hard inquiries will damage your score.
If you’re comparison shopping for a mortgage, try to submit your applications within 14 days of one another to avoid a significant hit to your score.
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How to Remove Credco from Your Credit Report
Though Credco isn’t likely to hurt your credit score severely, you may want to try to get the hard inquiry removed from your report.
If you think Credco is there by mistake or the hard inquiry is one of several negative entries bringing down your score, here are a few pointers.
Dispute the Hard Inquiry
Whether it’s a case of mistaken identity or identity fraud, your credit report could be dinged by a hard inquiry without your knowledge. Faulty reporting occurs more often than you might think.
If that happens, you should absolutely contact the company, and potentially the credit bureaus, to make the situation right.
Thanks to the Fair Credit Reporting Act of 1990, you have 30 days to dispute Credco’s hard inquiry if you believe it is inaccurate.
Credco should provide you with details regarding the loan application that triggered their inquiry.
If you happen to hit a dead end with Credco, you should also consider sending a letter of dispute to the credit bureaus.
And, because you only have 30 days to dispute an inquiry, you might want to consider using a free credit monitoring service like Credit Karma.
They will alert you immediately if a hard inquiry, collection account, or any other negative entry appears on your report, you can respond quickly.
Hire a Credit Repair Company to Help with Hard Inquiries
Did you know you can hire a credit repair company to solve your credit problems?
Whether you are the victim of identity theft, have hit financial hardship and gotten behind on payments, or your credit is suffering as a result of your financial decisions, a credit repair company can help.
These companies can assist you with a range of credit problems, such as:
- Charge offs
- Debt in collections
- Late payments
They can also help to dispute hard inquiries, contacting the bureaus and Credco on your behalf.
If you aren’t fond of the idea of chatting with representatives of the company or the credit bureaus, you can leave the task in the capable hands of a credit repair service.
Moreover, they’ll help you tackle the most damaging aspects of your credit report to get you and your score back on track.
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Getting Credco Removed from Your Report
Applying for a mortgage may drop your score by a few points, but it isn’t going to do much more damage than that.
However, it will only be on your credit report for two years, unlike collections entries, which stay for seven years.
That being said, it’s a good idea to take a closer look any time a new entry is added to your report.
If you don’t recall submitting an application for a mortgage or other type of loan recently, contact Credco to dispute it.
Or if you’d rather, leave dealing with Credco and other lenders to one of the nation’s best credit repair companies.
Either way, start monitoring your credit today so you can ensure that you’ll catch any changes in a timely manner.
Credco Contact Information
Here’s some additional information on Credco:
- Address: P.O. Box 509124 San Diego, CA 92150
- Telephone Number: (800) 637-2422 (Credit Report inquiries) (877) 532-8778