Have you recently come across the name Factual Data on your credit report and wondering what it is?
Factual Data isn’t a lender or service provider like some other entries on your report. Instead, it’s a company that runs credit checks for lenders.
Essentially, if you’ve applied for a mortgage or another type of loan, it could be responsible for Factual Data’s hard inquiry.
Factual Data Credit Inquiry
Factual Data Corp, or FDC, is a credit reporting agency employed by lenders to obtain potential borrowers’ credit reports from Experian, Equifax, and TransUnion.
They may show up on your credit history as Kroll Factual Data, Inc or Kroll Factual Data.
Factual Data most commonly provide mortgage lenders with merged credit reports, which combine the information from all three bureaus into one comprehensive report.
In fact, their website claims they provide risk mitigation, credit reporting, and independent verification services using items such as public records, verification through your social security number, as well as looking at credit information using FICO scoring models (New credit, credit history).
They provide risk mitigation by automating the underwriting process in the United States.
Lenders use this information and the Factual Data Credit Report to decide whether or not to provide you with a loan. If you are approved with a loan, the data also helps determine what interest rate you’re awarded.
Factual Data also runs soft credit inquiries for prospective employers and landlords to verify one’s identity, background, and credit score.
Next, we’ll take a closer look at the difference between a soft and hard inquiry.
How Does a Hard Credit Check Affect Your Report?
There are two kinds of credit inquiries: hard and soft.
Soft inquiries, as described above, simply verify your score. They can be run when you apply for a job or apartment, but also when you get pre-qualified for a loan or check your credit score yourself.
A soft inquiry doesn’t hurt your credit, while a hard inquiry may.
Whenever you apply for a loan, a more invasive credit check is required. Lenders use your history with credit to determine how reliable of a borrower you are.
As such, they may obtain one or all of your credit reports in the screening process or a merged Factual Data credit report.
This type of inquiry is added to your report, where it will stay for two years. Hard inquiries typically drop your score by a couple of points, but they can be more detrimental if you have several of them on your report.
Having a slew of credit applications suggests that you’re financially unstable, lowering your score more significantly than a single entry.
There are a few exceptions, like when you’re comparison shopping for a mortgage.
You have a 14-day window to apply for loans, during which time your score shouldn’t be lowered by each individual application.
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How to Remove Factual Data Corp from Your Credit Report
As you can see above, a hard inquiry from FDC isn’t the end of the world.
However, if Factual Data Corp is on your report by mistake, you should do what you can to have the hard inquiry removed from your credit report.
Here are some strategies to help you get started.
Dispute FDC’s Hard Inquiry
When a reporting error is to blame for a negative entry on your credit report, responding quickly is key.
The Fair Credit Reporting Act has you covered in situations like this, requiring credit reporting agencies like FDC to get their facts straight.
You can dispute the error by contacting FDC and the credit bureaus.
If FDC ran a hard inquiry on you that negatively impacted your score, they are required to provide you with the details and a copy of the report.
By law, you have 30 days to dispute an inaccurate entry on your credit report, so you should act fast if you think something is amiss on your report.
To stay alert to changes to your report, sign up for a free credit monitoring service.
They’ll notify you when new entries emerge on your report and let you know when your score changes for any reason.
Get Help from a Credit Repair Company
With the tools and resources provided by the FCRA, you are fully equipped to dispute an inaccurate entry on your credit report, but you don’t have to go it alone.
Sometimes, it can be easier to leave disputing entries to the experts.
A good credit repair company can help to straighten out reporting errors, break down your credit report, and come up with a gameplan to tackle your biggest credit issues to improve your score quickly.
To give you an idea, here are some of the types of problems credit repair companies deal with:
- Charge offs
- Collections entries
- Identity theft
- Inaccurate reporting
- Poor payment history
If you don’t want to take on the stress of dealing with credit reporting agencies, let the pros handle it.
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Factual Data Contact Information
Here’s contact information on Factual Data:
- Address: 5100 Hahns Peak Drive Loveland, Colorado, 80538
- Phone Number: (970) 663-5700
- Website: http://www.factualdata.com
Getting Factual Data Removed from Your Report
If you applied for a mortgage and you’re stressing over the impact on your credit score, there’s no need to.
While it might lower your score by a few points now, the entry will be off your report in 2 years, and its effects on your score will diminish as time goes by.
If you didn’t apply for a loan and FDC is on your report anyway, you still don’t need to stress.
You’re legally protected from inaccurate reporting, and with a few simple steps, you can get FDC deleted from your report.
If you haven’t already, take a few moments to look up your score and an overview of your report with a credit monitoring service.
Don’t delay disputing any inaccuracies on your report, however small they may seem.
There’s no reason to let faulty reporting hold you back from being able to take out a loan or get a credit card in the future.
As always, don’t forget that you have several excellent credit repair companies at your disposal that can help take your credit score to the next level.