What is Credco/Quicken?
Credco/Quicken is a combination of two entities: CoreLogic Credco and Quicken Loans. CoreLogic Credco is a leading credit reporting agency that provides merged credit reports to mortgage lenders across the country, while Quicken Loans is a well-known mortgage lender.
When you apply for a mortgage with Quicken Loans, Credco/Quicken may appear on your credit report as a hard inquiry.
The Difference Between Hard and Soft Inquiries
There are two types of credit inquiries that can show up on your credit report: hard inquiries and soft inquiries. It’s essential to understand the difference between these two types of inquiries, as they can have different effects on your credit score.
Hard Inquiries
A hard inquiry occurs when a potential lender or creditor checks your credit report to evaluate your creditworthiness. Examples of situations that might trigger a hard inquiry include applying for a mortgage, car loan, credit card, or insurance policy.
Hard inquiries can lower your credit score by a few points, and having too many hard inquiries in a short period can cause significant damage to your credit score.
Soft Inquiries
A soft inquiry, on the other hand, is a credit check that doesn’t impact your credit score. Soft inquiries often occur during background checks, when credit card issuers prequalify you for offers, or when existing creditors check your current credit situation. Soft inquiries don’t affect your credit score.
How long do hard inquiries stay on your credit report?
Hard inquiries, such as those resulting from applying for a Quicken Loans mortgage, can remain on your credit report for up to two years. These inquiries are reported to one or all three major credit bureaus: Equifax, Experian, and TransUnion.
Dealing with Unauthorized Inquiries
If you notice an inquiry on your credit report that you don’t recognize or didn’t authorize, contact CoreLogic Credco to inquire about the reason for the hard inquiry. The creditor’s name should be listed in the hard inquiry section of your credit report.
Can Credco/Quicken be removed from my credit report?
Credit repair companies like Credit Saint specialize in removing inquiries and other inaccurate negative marks from your credit report. With years of experience, they have successfully removed many negative items for their clients, including:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Action to Remove Inquiries and Improve Your Credit
If you’re struggling with a low credit score due to hard inquiries or other negative marks, consider seeking a free credit consultation with Credit Saint. They have helped many people in similar situations and can potentially help you dispute and remove negative items from your credit report.
Visit their website and fill out the form to explore your options and take the first step toward improving your credit.
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