Have you ever been puzzled by seeing “Credco” on your credit report? This entry typically appears when a lender has requested a credit report from CoreLogic Credco, a company that consolidates credit information from the three major credit bureaus. In this article, we’ll explore what it means when Credco shows up on your credit report and what steps to take if you find an unfamiliar or unauthorized Credco inquiry.
What is Credco?
Credco is a consumer credit reporting agency that combines credit information from the three major credit bureaus—Equifax, Experian, and TransUnion—into a single report. These merged reports are used by banks, credit unions, mortgage companies, auto dealers, property management companies, and other lenders to evaluate credit applications.
More than 3,475 companies all over the world use CoreLogic Credco, including the following:
- Citigroup, Inc.
- Cognizant Technology Solutions Corporation
- EPAM Systems, Inc.
- Ernst & Young
- Hewlett-Packard Enterprise Company
- Howard Hanna Real Estate Services
- Robert Half International, Inc.
- Truist Financial Corporation
- Wells Fargo & Company
Note: Credco and CoreLogic are closely related but not the same. CoreLogic is the parent company, while Credco operates as its subsidiary.
Why is Credco on Your Credit Report?
Seeing “Credco” on your credit report isn’t necessarily a bad thing. It just means a lender has requested a credit report from them as part of a credit inquiry. Here are some common reasons why Credco might appear on your credit report:
Applications for loan or credit
Many mortgage lenders, auto dealers, and financial institutions use Credco’s reports to evaluate potential borrowers. If you’ve recently applied for a credit card or a loan, this could cause a hard inquiry on your credit report. Since CoreLogic Credco acts as an intermediary between lenders and your credit information, you might not realize Credco was involved until you see it on your report.
Prequalifications for loan or credit
Credco offers a credit prequalification solution that provides clients with a Credco Instant Merge® credit report. If you have been prequalified for an auto loan, mortgage, or another type of credit, you might see Credco on your credit report for that soft inquiry. While this may not affect your credit score, it still appears on your credit report.
Refinancing loans
When refinancing a mortgage or an auto loan, the lender might use Credco to obtain your credit information. This results in a hard inquiry, which will show up on your credit report.
Tenant screening
When you apply to rent a home, landlords sometimes use Credco to check your background. This process includes looking at your credit history, criminal records, and other important information. By doing this, landlords can ensure they choose reliable tenants, creating a fair and safe renting experience for everyone involved.
Credit counseling services
Some credit counseling services use Credco’s reports during their assessment process. These inquiries are typically soft pulls and do not affect your credit score.
The hard inquiries made by Credco can negatively impact your credit, but there are tools available to help you easily rebuild it. One such tool is Cushion. This app helps you build your credit history using bills and Buy Now Pay Later (BNPL) payments you’re already making. By reporting these payments to the credit bureaus, Cushion ensures that your everyday financial activities contribute positively to your credit score.
How to Remove Credco From Your Credit Report
In 2023, Credco faced a lawsuit for violating the Fair Credit Reporting Act (FCRA) by incorrectly listing consumers as deceased on credit reports. This issue affected individuals whose reports were resold by CoreLogic Credco between January 1, 2021, and May 2, 2023. Although CoreLogic Credco did not admit to any wrongdoing, they agreed to a $5.695 million settlement to resolve the claims.
Instances such as this underscore the importance of monitoring your credit report and disputing errors. According to the FCRA, consumer reporting agencies like Credco must ensure they provide accurate and up-to-date information. Because inaccuracies on credit reports are common, the FCRA gives consumers the right to dispute and correct any errors.
If you find an unauthorized or incorrect Credco inquiry on your credit report, it’s essential to take action promptly to remove it. Here are the steps you can follow to address and resolve the issue:
1. Identify the inquiry: Start by reviewing your credit report to find the Credco inquiry. Note the date and any details related to it. You can get a free credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—once a year through AnnualCreditReport.com.
2. Verify the inquiry: If you don’t recognize the Credco inquiry, contact the lender or company that requested the report. Sometimes, the inquiry might be legitimate but forgotten. Verifying helps you understand if the inquiry was authorized.
3. Dispute the inquiry with credit bureaus: If the Credco inquiry is unauthorized or incorrect, you need to dispute it with the credit bureaus. Explain why the inquiry is incorrect and request its removal. Here’s how you can do it:
Equifax:
- Online: Visit the Equifax Dispute page.
- Mail: O. Box 740256, Atlanta, GA 30374
- Phone: (800) 525-6285
- Online: Visit the Experian Dispute Center.
- Mail: O. Box 9556, Allen, TX 75013
- Phone: (888) 397-3742
TransUnion:
- Online: Visit the TransUnion Dispute page.
- Mail: O. Box 6790, Fullerton, CA 92834-6790
- Phone: (800) 680-7289
4. Contact Credco directly: Inform CoreLogic Credco about the unauthorized inquiry. Provide them with the details of the inquiry and request its removal. You can contact Credco through:
- Mail: CoreLogic Credco, Consumer Services Department, P.O. Box 509124, San Diego, CA 92150
- Phone: (800) 637-2422
5. Monitor your credit report: After disputing the inquiry, regularly check your credit report to ensure the inquiry has been removed. Continuous monitoring helps you catch and address any future discrepancies quickly. You can use credit monitoring services that alert you to changes in your credit report.
6. Seek legal assistance if necessary: If you have trouble removing the unauthorized inquiry or if Credco and the credit bureaus do not satisfactorily address your dispute, consider seeking legal assistance. Consumer protection attorneys specialize in handling credit report disputes and can help ensure your rights are protected.
Following these steps can help you effectively address and remove unauthorized or incorrect Credco inquiries from your credit report, ensuring your credit profile remains accurate and healthy.
Related article: How to Remove Capio Partners From Your Credit Report
Summary
Seeing Credco on your credit report can be confusing, but understanding its role and why it appears there can help alleviate your concerns. Credco inquiries are typically related to applications for mortgages, auto loans, or other credit products. If you find an unauthorized Credco inquiry, take steps to dispute it with the credit bureaus and contact Credco directly. Stay informed and proactive by monitoring your credit report to avoid potential issues.
