Factual Data is what’s known as a hard inquiry. Hard inquiries occur when a lender pulls your credit report when applying for a loan.
Generally you can remove inquiries from your report if any of the following has happened:
Factual Data reviewed a copy of your credit report(s) to decide whether or not to lend to you, which appears on your report as a hard inquiry.
Lenders are required to report hard inquiries everytime they pull your credit reports because you asked for credit. They use this reporting to track how often you’re applying for credit cards, loans, etc., which in their eyes makes you a higher risk.
If you don’t recognize this company, consider what else you may have applied for around the date of the inquiry, as many times businesses will use 3rd parties to pull credit reports which regularly causes confusion.
Hard inquiries, or hard pulls, occur every time you apply for credit and a lender needs to pull your credit reports to make an informed decision whether or not to approve you.
The most common reason for these are when applying for:
If you find an unauthorized hard inquiry on your credit report, such as one from Factual Data, you are entitled to dispute it. The Fair Credit Reporting Act (FCRA) states that credit bureaus and companies like Factual Data must investigate and remove any inaccurate or unauthorized information from your report.
To dispute the hard inquiry, you may file a dispute directly with the credit bureaus that reported it or through a credit repair service such as Credit Sage. Be sure to provide supporting documents related to the inquiry, including proof that you did not authorize it or evidence that it was made in error.
Hard inquiries, such as one from Factual Data, can negatively impact your credit score. Usually each inquiry lowers the score by a few points and will remain on your report for up to two years.
The effect of hard inquiries on credit scores is relatively small and decreases with time. Credit scoring models also group multiple similar inquiries made within a short period of time into one inquiry in order to minimize their impact.
It's important to keep hard inquiries to a minimum and only apply for credit when absolutely necessary in order to maintain a healthy credit score and access favorable loan terms and interest rates.
Hard inquiries (like Factual Data) will remain on your credit report for a maximum of 2 years, regardless of whether or not your credit with was approved. Depending on the scoring model used, hard inquiries will stop affecting your score between 3 to 12 months.
If you’ve ever received a pre-qualification offer for a credit card, auto loan, mortgage, or anything else of that nature, a soft inquiry, or soft pull, was used. Unlike hard inquiries, soft inquiries have nothing to do with you requesting new credit, and as such they’re not visible to anyone except you and do not lower your score.
If the inquiry is a result of identity theft, then yes, TBOM/CONTIN can be removed from your credit report, this is something we can help with.
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