What is a CBCInnovis credit inquiry?
When you encounter a CBCInnovis credit inquiry on your credit report, you may be wondering what it is and why it’s there. As a third-party service provider, CBCInnovis conducts credit checks on behalf of various lenders, including banks, mortgage companies, and other financial institutions. When you apply for credit through one of these organizations, CBCInnovis may perform a hard inquiry on your credit report, which could temporarily impact your credit score.
Since CBCInnovis has merged with Factual Data, you may see inquiries from either company on your report. It’s essential to understand the difference between hard and soft inquiries, how long they stay on your credit report, and what you can do if you find unauthorized inquiries or need to have them removed.
Hard Inquiries vs. Soft Inquiries: What’s the Difference?
When it comes to credit checks, there are two types of inquiries: hard and soft. Understanding the difference between them is crucial, as one can impact your credit score, while the other does not.
A hard inquiry occurs when a lender or creditor checks your credit as part of their decision-making process when you apply for credit. This could be for a mortgage, car loan, credit card, apartment rental, insurance policy, or even a job application.
Hard inquiries usually cause your credit score to drop by a few points. However, if you accumulate too many hard inquiries within a short period, the negative impact on your credit score can be significant.
Soft inquiries, on the other hand, typically take place when a company checks your credit history as part of a background check or when a lender or credit card issuer wants to prequalify you for an offer. Existing creditors may also perform a soft inquiry to assess your current credit situation. Soft inquiries do not affect your credit score.
How long do hard inquiries stay on your credit report?
Regardless of whether your credit application is approved or denied, hard inquiries remain on your credit report for up to two years. Each inquiry is recorded by one or more of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Dealing with Unauthorized Inquiries
If you come across an inquiry on your credit report that you don’t recognize or are confident you didn’t initiate, it’s crucial to take action. Contact CBCInnovis/Factual Data and ask about the inquiry. The creditor’s name should be listed under the hard inquiry section on your credit report.
CBCInnovis/Factual Data Contact Information
5100 Hahns Peak Drive
Loveland, CO 80538
Phone number: (877) 237-8317
Removing CBCInnovis from Your Credit Report
If you believe a CBCInnovis inquiry or other negative items on your credit report are inaccurate, consider enlisting the help of a credit repair company like Lexington Law. With over 18 years of experience, Lexington Law has helped clients remove millions of inquiries and other negative marks from their credit reports.
In addition to removing inquiries, Lexington Law can also help you dispute and potentially remove late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies from your credit report.
Improving Your Credit Score: Take Action Today
If you’re struggling with a low credit score and want to learn more about your options, consider a free credit consultation with Lexington Law. With their expertise and guidance, you can work towards repairing your credit and improving your financial future. Visit their website and complete the form to explore what they can do for you.
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Here’s a list of some of the nation’s most common credit inquiries.
- CB INDIGO
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- Credco Inquiry
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- Factual Data
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- MABT CONTFIN
- SYNCB AEVISA
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- SYW MC/CBNA
- TD Bank Target
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- WF Bank NA