Credco Credit Report Errors. What's next?
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Credco Credit Report Errors. What's next?
Credco is a unique credit reporting company. But they still must obey the rules, and you still have rights when they don’t
CoreLogic Credco takes your credit reports from the big three credit bureaus and fuses them into one report. Lenders pay Credco for this report to help them make decisions about whether to lend you money. The Credco report should be accurate; when it’s not, you have the right to make Credco correct it.
As a consumer protection firm, the attorneys at Consumer Attorneys frequently get questions from clients asking, “What is Credco?” or “Why is Credco on my credit report?” or “Credco checked my credit. Why?” These are good questions. People often see Credco on the credit reports from the three major credit reporting companies - Equifax, Experian, and TransUnion. The lenders upon whom consumers rely may also reference Credco in their lending decisions. Since everyone is a consumer, and since everyone should regularly review their credit reports, we think it’s important that everyone knows what Credco is and what they do.
Credco On My Credit Report
Credco, a subsidiary of a large company called CoreLogic, offers lenders a service. All sorts of lenders - mortgage lenders, banks, automobile loan lenders - pay Credco to obtain the credit report from all three of the main credit reporting bureaus. Credco then reviews that information, compiles the data relevant to the specific lender, and then merges all three reports into one Credco credit report
A credit report from one of the three credit reporting bureaus details your complete financial history. A credit report contains your personal information like your name, address, Social Security number, and employment history. It also provides lenders with all your existing debts like mortgages, credit cards, student loans, auto loans, and store credit cards. It lists the status of these accounts (open or closed), the dates you opened these accounts, the dates you closed them, the balances of these accounts, payment history, and the limits on these accounts. A credit report will also include public records such as bankruptcies, foreclosures, and civil judgments.
Credco also offers lenders special Credco reports in which Credco combines its data and does additional analysis to provide the potential lender an even more in-depth portrait of a potential borrower’s creditworthiness. Credco’s Credit IQ report is one such report. What is CreditIQ? A CreditIQ credit report is a product from Credco where they use the data from the three credit bureaus, add its data and analysis, and create a new CreditIQ report. Their proprietary data can range from home ownership statistics to tax information to criminal record information to individual property assessments and will ultimately depend on the nature of the loan.
This is why a Credco score doesn’t match a traditional FICO score from one of the three major credit bureaus. Credco may add weight to certain score components or fashion a new score based on the lender’s requests.
Credco Credit Inquiry
Typically, consumers must authorize lenders to do credit checks. So, if you see Credco on a credit report, it can be alarming. But Credco on credit reports usually means that a lender has requested a Credco credit check or credit report for you. These inquiries are usually considered “hard inquiries.” A Credco hard inquiry will negatively impact your credit score because such inquiries indicate that you have applied for credit or are otherwise interested in borrowing money. If you have not authorized a lender to inquire into your credit or made an inquiry for rental, you have the right to dispute the inquiry.
Can I Dispute Credco?
Yes, you can dispute a Credco report, and if you find an error in a Credco report, we recommend you dispute it. Errors can have a catastrophic effect on your credit and your financial health. Such disputes can take several forms:
- Disputing the inquiry. You have not authorized a lender to make a credit inquiry. Therefore, Credco should not have inquired.
- Disputing the credit bureau report. The information in Credco’s report is wrong. You request and review your credit reports from Equifax, Experian, and TransUnion and find errors in at least one of those reports.
- Disputing the Credco report. The information contained in Credco’s report is wrong. You have checked your reports from the three credit reporting bureaus, and they are correct. Therefore, Credco made an error.
Mistakes and inaccuracies occur in credit reports far too often and for various reasons. Incorrect personal information, errors in transmitting the data, misspellings, clerical errors, misreported data from financial institutions, identity theft, and mistaken identity can all create errors. Even the smallest error can negatively impact your credit score, your chances of getting a loan, and the terms of the loans you do get.
Under the Fair Credit Reporting Act (“FCRA”), you have the right to dispute inaccurate information on your credit report. You can dispute the information with Credco, Equifax, Experian, and TransUnion. Even as a third-party reporting company, Credco must follow the FCRA just like the primary three. Credco must investigate, remove false information, and correct any verified errors. A credit report attorney can help you file a Credco credit dispute. Law suits against Credco are not uncommon. If you dispute information and Credco does not investigate or fix the problem satisfactorily or if you have been denied a loan due to a Credco error, a lawsuit might be necessary to get you the compensation you deserve.
Consumers must stay alert and regularly check their credit reports. If you routinely check your reports, then you can avoid problems with inaccuracies before applying and being denied loans. The attorneys at Consumer Attorneys are always eager to talk to consumers and can offer advice on how to dispute inaccuracies, how to engage in rapid recheck and rapid scoring, offer legal advice, provide support, and when necessary, sue credit reporting companies like Credco when they do not use the care and attention to your credit reports that the law says they must.
To schedule a consultation about Credco or credit reports in general with a lawyer at Consumer Attorneys:
- call us at +1 877-615-1725
- email us at info@consumerattorneys.com
- submit a form for a free consultation or have a live chat. Because we know you work hard and are not always free from 9-5, we are available 24 hours a day, seven days a week.
We will listen to you, assess your case, help you determine the best strategy, and, if necessary, file a lawsuit against credit reporting companies to get you compensation for the damage they have caused.
Frequently Asked Questions
A hard inquiry on your credit report will negatively affect your credit score. If you see Credco on your credit report and want to dispute it, first make sure that you didn’t authorize a lender to do a credit check. Authorized lenders will sometimes engage Credco to check credit. If a dispute is still appropriate, request your credit reports from the three major credit reporting bureaus: Equifax, Experian, and TransUnion. Review these reports and dispute the Credco inquiry with each bureau that contains a Credco hard inquiry. Dispute the inquiry with Credco also. Submit your disputes via certified mail to preserve your right to sue. The credit bureaus must investigate disputes and remove inaccuracies. If they do not - contact Consumer Attorneys.
There are many reasons why the information in your Corelogic Credco credit report might be wrong. First, Credco pulls your credit information from the three major credit reporting bureaus (Equifax, Experian, and TransUnion) and then combines that information to create its own report. To identify why the Credco information is wrong, you’ll need to first determine if Credco made the error or if they received incorrect information from one of the credit reporting companies. To do that, you will need to request your credit report from all three, review them carefully, and identify any errors. There are many reasons a credit report might contain errors: clerical mistakes, outdated information, and identity theft.
If you see “Credco” on your credit report, it likely means that Credco, a CoreLogic company, has inquired about your credit. Credco is a third-party credit reporting company. Sometimes lenders - mortgage lenders, banks, automobile loan companies - engage Credco to request your credit report from the big three independent credit reporting companies, Equifax, Experian, and TransUnion. Credco reviews the data on those three reports and creates its own report for the lender. The lender uses the Credco report to decide whether to lend you money and at what interest rate. If you did not authorize Credco to run a credit inquiry, you have the right to dispute it.
The answer to this question depends on the Credco score the potential lender is buying from Credco. Credco, a subsidiary of a company called CoreLogic, is a third-party credit reporting company. This means that they pull your scores from the three main credit reporting companies - Equifax, Experian, and TransUnion - and then combine them into one report. Those three credit reporting companies use something called the FICO score. The FICO score ranges from 300-850. The higher the number, the more creditworthy the consumer. Credco also offers reports in which it uses proprietary data or emphasizes specific data from the three credit reporting companies to create a report. No matter what score Credco uses - the data must be correct.
Daniel Cohen is the Founder of Consumer Attorneys. Daniel manages the firm’s branding, marketing, client intake and business development efforts. Since 2017, he is a member of the National Association of Consumer Advocates and the National Consumer Law Center. Mr. Cohen is a nationally-recognized practitioner of consumer protection law. He has a we... Read more
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