What is Factual Data?
Factual Data Corp (FDC) is a pivotal player in the mortgage lending industry. Operating as a consumer credit reporting agency, its primary role is to furnish mortgage lenders with reliable credit checks. These checks are indispensable for lenders as they help evaluate a borrower’s creditworthiness in the mortgage application process.
Factual Data is known for its merged credit reports. Instead of relying on credit information from a single credit bureau, these reports combine data from multiple major credit agencies. This comprehensive view ensures that mortgage companies receive a well-rounded snapshot of an applicant’s credit history, allowing for more accurate loan approval decisions.
In essence, Factual Data ensures transparency and trustworthiness in the mortgage process by offering detailed and integrated credit insights.
The Impact of Hard Inquiries on Your Credit Score
A hard inquiry can appear on your credit report when you apply for a mortgage, and it may cause your credit score to drop slightly. Although the impact of a single hard inquiry is minimal, multiple hard credit inquiries in a short period can accumulate and harm your credit. This makes it essential for consumers to be mindful of the number of credit applications they submit and to space them out over time.
The Difference Between Hard and Soft Inquiries
While a hard credit inquiry can affect your credit score, soft inquiries do not. A soft inquiry occurs when a creditor reviews your credit history without your explicit permission, such as when prequalifying you for an offer or monitoring your account. Since soft credit inquiries have no impact on your credit, they pose no risk to your financial health.
How long do hard inquiries stay on your credit report?
Whether you get approved for a mortgage makes no difference. The hard inquiry will remain on your credit report for up to 2 years. Each time you make an inquiry, it is recorded by one or all of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Addressing Unauthorized Factual Data Inquiries
Discovering an unauthorized inquiry from Factual Data on your credit report can be alarming. Such inquiries could potentially be a result of an error, or in more concerning situations, a sign of identity theft or fraud. Here are some immediate steps you can take:
- Contact Factual Data: Before drawing conclusions, it’s paramount to communicate with Factual Data directly. By doing so, you can gain clarity on the source of the inquiry, and in some cases, it might just be a minor misunderstanding that can be quickly resolved.
- Gather supporting information: Ensure you have all relevant documentation and details about the unauthorized inquiry when discussing with Factual Data. This information will provide context and help in tracing the root cause.
- Leverage the FCRA: If it becomes evident that the inquiry was indeed unauthorized and Factual Data doesn’t resolve the issue to your satisfaction, you have rights under the Fair Credit Reporting Act (FCRA). The FCRA entitles consumers to challenge inaccuracies in their credit reports.
- Formal dispute with credit bureaus: Each major credit bureau has a procedure in place for disputing inquiries. By filing a formal dispute, you can seek the removal of the unauthorized inquiry from your report. Ensure you provide all necessary evidence and follow the bureau’s guidelines for a smoother dispute process.
Factual Data Contact Information
To obtain a free copy of your Factual Data credit report or seek assistance, use the following contact information:
Attn: Consumer Assistance
400 Holiday Dr., Suite 300
Pittsburgh, PA 15220
Phone number: (800) 216-3463
Removing Factual Data Hard Inquiries from Your Credit Report
If you need help removing a hard inquiry or other inaccurate negative items from your credit report, consider seeking assistance from a reputable credit repair company like Credit Saint. They can help you dispute and potentially remove various negative items, including late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Take Control of Your Credit Today
Don’t let poor credit scores hold you back from achieving your financial goals. Reach out to Credit Saint for a free credit consultation and learn how they can help you improve your credit. Visit their website and fill out the form to discover the difference they can make in your financial journey.
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Here’s a list of some of the nation’s most common credit inquiries.
- CB INDIGO
- Citicards CBNA
- Comenity Bank/ATYLRLMC
- CoreLogic Credco
- CRDT First
- Credco Inquiry
- Credit Plus
- Elan Financial Services
- Equifax Mortgage Services
- Factual Data
- JPMCB Card Services
- MABT CONTFIN
- SYNCB AEVISA
- SYNCB/Amazon PLCC
- SYNCB/Ameg D
- SYNCB/TJX CO DC
- SYW MC/CBNA
- TD Bank Target
- TU Interactive
- Webbank Fingerhut
- WF Bank NA