Do Banks Use Factual Data For Business Credit Cards

What is Factual Data?
Is Factual Data a scam?
Why is Factual Data on my credit report?
How does a Factual Information inquiry affect my credit score?
How to remove Factual Information from my credit written report

What is Factual Data?

Factual Data, owned by corporate consulting firm Kroll Inc., provides consumer information services for mortgage lenders, banks, and other lending institutions. 1 In particular, they merge credit reports from the three national credit bureaus to make it easier for lenders to evaluate your credit history.

If you see Factual Data on your credit written report, it's probably because you applied for some form of credit (such every bit a mortgage or credit card) and your prospective lender used Factual Data'southward services to review your credit history.

Factual Data may also announced on your report equally:

Kroll Factual Data
Kroll Factual Data, Inc.
CBCInnovis (the 2 companies merged in 2015, and CBCInnovis used their original proper noun until 2019)

Is Factual Data a scam?

No, Factual Data isn't a scam—Factual Data is a legitimate organization. If their name is on your credit report, it probably indicates that a lender used their services to check your credit.

If y'all're certain that in that location's activeness on your credit report under Factual Information that shouldn't exist there, information technology's possible you've been the victim of identity theft.

We'll discuss the reasons (both legitimate and fraudulent) that Factual Data might be on your credit report in more detail in the next section.

Why is Factual Information on my credit report?

Factual Information is probably appearing on your credit report every bit an inquiry. At that place are really merely ii reasons why you lot'd have a Factual Data inquiry:

one. You applied for credit

You'll see Factual Data on your credit study if your prospective lender used one of the company's products to run a credit cheque on yous to determine whether or not to extend y'all credit. In that location are two possible ways that an enquiry can announced on your credit report:

Hard inquiry : You lot'll see a hard inquiry on your credit written report if you actually practical for new credit, such equally a car loan or mortgage.
Soft inquiry : You'll come across a soft inquiry on your written report if someone checked your credit for reasons unrelated to credit applications or to prequalify you lot for an installment loan or other type of credit.

The main departure betwixt hard and soft inquiries is that difficult inquiries volition bring your credit score downwardly by a few points, whereas soft inquiries don't bear upon your credit score.

2. Someone stole your identity

If y'all run into a Factual Data credit inquiry on your credit report but you didn't apply for credit, then it could be a sign of identity theft. If you suspect that someone's stolen your identity, then there are a few steps you lot need to take:

Contact Factual Data or the company that used their services to cheque your credit and gather the details of the awarding.
Report the identity theft to the Federal Merchandise Committee (FTC). Become to www.identitytheft.gov and reply the questions to generate an identity theft study and recovery plan.
Contact the relevant credit bureaus (Equifax, Experian, or TransUnion) and have a fraud warning placed on your credit report.

You only need to contact one of the three bureaus and have a fraud alert placed on your credit study. The bureau you contact volition coordinate with the other 2, and your fraud alert will exist acknowledged past all 3. 2

Advisedly monitor your credit reports in society to catch identity theft equally early on every bit possible. The sooner you study it, the less damage will be washed.

How does a Factual Data inquiry bear upon my credit score?

Hard inquiries take a pocket-size, short-term issue on your credit score. However, likewise many hard inquiries tin significantly lower your score and brand it difficult to become approved for new lines of credit at competitive rates.

How much a Factual Data credit pull actually affects your credit score depends on your credit history and how recent the inquiry was. Hard inquiries usually cause a small drib in your FICO or VantageScore credit score, merely the upshot shouldn't last more than than a year. 3 What's more than, they won't stay on your credit written report for more than ii years.

How to remove Factual Data from my credit report

If you want to delete Factual Data from your credit report, and so attempt one of these two approaches for removing hard inquiries from your credit report.

1. Transport a dispute letter

If you suspect that your Factual Data research is a mistake, then you can send a dispute letter of the alphabet to the credit bureaus. You lot should too ship a dispute letter of the alphabet if you think that Factual Data is on your credit report due to fraudulent activity or identity theft, only you should outset file a report with the FTC and follow the other steps outlined above.

Once you've filed a dispute, the credit bureau will be required to investigate and correct whatsoever inaccurate information on your study, usually inside xxx–45 days. 4

2. Utilise a credit repair company

A credit repair company will human activity as a middleman between yourself and your creditor, Factual Data, and/or the credit bureaus. A credit repair professional might exist able to become a Factual Information hard inquiry off your credit report by helping you assemble all the required documents and evidence and doing the difficult work for you by handling your communications with your creditor and the credit bureaus.

Nonetheless, be wary of scammers. By constabulary, credit repair companies are non allowed to make false promises or accuse you earlier they've helped y'all. 5 Moreover, while hiring a credit repair company tin can relieve you lot some time and hassle in disputing items on your credit report, they won't necessarily be able to erase valid inquiries or plough a bad credit score into a skillful credit score overnight.

In many cases, credit repair companies won't exist able to practice anything for you that you couldn't do yourself, so consider whether information technology's worth paying for a third political party to help y'all get Factual Data off your credit written report.

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FinanceJar Team

Staff Writers & Editors

The FinanceJar Team is a group of financial experts, writers, and industry professionals who collaborate to bring you fresh and uncomplicated insights into your finances. They're dedicated to guiding you toward the right path on your financial journey.