Most people use credit cards these days for easy and hassle-free payments. Most of them also check their credit report every month. Are you also a credit card user who found CREDCO on your credit report and got confused and started wondering, why is it even there? If yes then this article is for you. Here we are going to tell you why it was there and how you can remove it. Stay tuned!
What is CREDCO?
CREDCO means CoreLogic Credco. It is a data analytics corporation that collects information from all three major credit bureaus and then makes a collective report of your credit score and other credit card activities.
If you apply for any loan or mortgage then the bank or financial institution does not perform the inquiry itself but asks CREDCO to perform the inquiry on its behalf. Then the CoreLogic organization collects all your credit information from all 3 credit bureaus including TransUnion, Experian, and Equifax. And makes a collective report and provides it to the bank.
If you have applied for a loan or mortgage then you might see it on your credit report.
Is it Genuine?
Yes. it is a genuine corporation. When you apply for a loan then you might see it on your credit report. Because it might have performed an inquiry on behalf of the bank or any other financial organization where you have applied for a loan or mortgage.
Does CREDCO Inquiry Affect My Credit Score?
It totally depends on the type of inquiry they are performing. If they perform a soft inquiry then or a hard inquiry just once or twice then it might lower your credit score but you would not see a drastic change.
But if you have a bad credit score and you have applied for a loan in multiple banks then there might be too many hard CREDCO credit inquiries and it can affect your credit score badly.
To avoid this, do your proper research and then apply to just 1 or 2 banks where you think that you can easily get loan approval. So that there are just one or two soft or hard inquiries about your account. And your credit score can also be saved.
Why is CREDCO on My Credit Report?
Majorly, there can be 2 reasons why it is on your credit report:
1. CREDCO Credit Inquiry
When you apply for a mortgage or loan, the bank asks CoreLogic Credco to perform a credit inquiry of your account. When it performs an inquiry, then you might see it on your credit report. They can perform both soft and hard inquiries of your credit and credit score by collecting all your credit information from the credit bureaus.
2. Identity Theft
If someone tries to steal your identity and applies for a loan on your behalf then you might see it on your credit report. In case of identity theft, inform your credit card company, register a complaint with the police and then dispute the credit report. Most credit card companies provide zero liability for fraud victims so you will not have to pay for any losses.
Can I Remove CREDCO from My Credit Report?
This organization only performs credit inquiries and is not related to any transactions at all. So you do not need to worry much about it, it will not affect your credit score much. But if you still want to remove it, you can do so.
1. Dispute Letter to Credit Card Company
First of all, you will need to send a dispute letter to your credit card company, stating that you have not applied for any loan or mortgage and still CREDCO is there on your credit report. After this, the company will do a proper investigation and will come up with a valid reason why it is there.
If you are a victim of identity theft, your credit card company will tell you so and then you can take the required action.
2. Take Help from a Credit Repair Company
A credit repair company basically acts as a mediator between you and your credit card company and helps you repair your credit score. If you think that it can be difficult for you to manage a conversation with your credit card company and give them the required reply then you can take help from a credit repair company. They will do all the conversation on your behalf.
Frequently Asked Questions
Q1. What is CREDCO on my credit?
Basically, this is a credit inquiry organization. It performs your credit inquiry on behalf of the bank. It collects all your credit information from the credit bureaus. And then it makes a collective report and gives it to the bank.
Q2. Who uses CREDCO?
It is mainly used by banks. Actually, banks have so many duties to perform and many people apply for loans every day. It is impossible for banks to perform credit inquiries on every person that has applied for a loan. So the bank asks CREDCO to perform a credit inquiry of the loan applicant on its behalf.
Q3. How long does CREDCO stay on your credit report?
If you have applied for a loan and CREDCO has performed a credit inquiry of your report then you cannot get it removed from your credit report. But if you are a victim of identity theft then you can file a complaint with your credit card company. After proper investigation, it will be removed.
Now that you know that CREDCO is a data analytics corporation and does credit inquiries on behalf of the banks, whenever you see it on your credit report, do not worry. Think about whether you have applied for a loan or mortgage or not. If you have not applied for a loan then register a complaint to your credit card company and they will perform a proper investigation and will let you know why is it there.