What is Factual Data?
Factual Data Corp (FDC) plays a key role in the mortgage industry by providing mortgage lenders with accurate consumer credit information. As a credit reporting agency, Factual Data helps lenders assess the creditworthiness of borrowers during the mortgage application process.
What sets Factual Data apart is its use of merged credit reports. These reports combine information from multiple major credit bureaus, offering a full view of a borrower’s credit history. This approach helps mortgage companies make informed decisions, ensuring a more transparent lending process.
In essence, Factual Data provides detailed credit insights that help streamline the mortgage approval process.
How Factual Data Hard Inquiries Affect Your Credit Score
A hard inquiry may appear on your credit report when you apply for a mortgage through a lender that uses Factual Data. While a single hard inquiry usually causes only a small drop in your credit score, multiple inquiries in a short period can add up and have a greater impact. It’s important to limit how often you apply for credit to prevent harm to your score.
How Long Factual Data Inquiries Stay on Your Credit Report
Hard inquiries from Factual Data remain on your credit report for up to two years. Even if your mortgage application is denied, the inquiry will still be recorded by the major credit bureaus: Equifax, Experian, and TransUnion. Over time, the impact of these inquiries on your credit score lessens.
Addressing Unauthorized Factual Data Inquiries
If you discover an unfamiliar or unauthorized Factual Data inquiry on your credit report, it’s important to address it quickly. Here are a few steps you can take:
- Contact Factual Data: First, reach out to Factual Data directly to clarify the source of the inquiry. In some cases, the issue may be easily resolved through a quick review.
- Gather documentation: Collect all relevant information related to the inquiry. This can help in identifying the cause and ensuring a smoother resolution.
- Leverage your FCRA rights: If the inquiry was unauthorized and cannot be resolved, you have the right under the Fair Credit Reporting Act (FCRA) to dispute inaccuracies in your credit report.
- File a dispute with the credit bureaus: You can formally dispute the inquiry with the credit reporting agencies. Provide any supporting evidence to strengthen your case and follow the dispute process of the specific bureau.
Factual Data Contact Information
To obtain a free copy of your Factual Data credit report or seek assistance, use the following contact information:
Factual Data
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 believe the Factual Data hard inquiry on your credit report is unauthorized or negatively affecting your credit, there are a couple of options available to you. You can dispute the inquiry directly with the credit bureaus by submitting a formal dispute, providing any supporting evidence to strengthen your case.
Alternatively, if you find the process overwhelming or want professional help, credit repair companies like Credit Saint specialize in handling such disputes. They can assist in removing hard inquiries as well as other negative marks such as late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies.
Working with a credit repair service can offer a more streamlined process, ensuring that all potential errors or negative items are reviewed and challenged properly.
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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