What Is Credco On My Credit Report?

Is there a Credco credit inquiry on your credit report?

Credco is an unfamiliar name to most consumers, but that doesn’t mean it isn’t legit.

Short for CoreLogic Credco, it is a consumer credit reporting company.

Credco primarily provides lenders with tri-merge credit reports, which are used for mortgage applications.

Whether you’ve recently applied for a mortgage or other type of loan or you’re worried that Credco’s hard inquiry is a mistake, it’s important to understand 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’s area of expertise is merged credit reports. Basically, they provide lenders with a blended report that combines the data from your Equifax, Experian, and TransUnion reports.

The lender then uses that info to decide whether to approve your application or not.

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, 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 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. However, 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

Faulty reporting occurs more often than you might think.

Whether it’s a case of mistaken identity or identity fraud, your credit report could be dinged by a hard inquiry without your knowledge.

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 hit a dead end with Credco, you should also consider sending a letter of dispute to the bureaus.

Since you only have 30 days to dispute an inquiry, you should monitor your credit using a free service like Credit Karma.

That way if a hard inquiry, collections 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:

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.

And it will only be on your report for two years, unlike collections entries, which stay for seven years.

That being said, you should always 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, you should 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.

The post What Is Credco On My Credit Report? appeared first on Better Credit Blog | Credit Help For Bad Credit.

Original Article Posted at : https://bettercreditblog.org/credco/