5 minutes

What Is Factual Data on a Credit Report?

Data is all around us! But can we make sense of it, especially when it comes to credits and financial services? In recent times, for example, a lot of people in the US are confused to see the words Factual Data appear on their credit reports

In this guide, we’ll cover all you need to know about the company Factual Data. We’ll explore the company itself and some of the reasons why you might notice it on a credit report. We’ll also look at how you can remove Factual Data from a report, if desired. Let’s dive in!

Who Is Factual Data?

While factual data refers to any objective and official hard data, we will talk about something else: or when Factual Data appears on your loan report. So what exactly is it? 

Factual Data is a consumer credit and verification services company based in Pittsburgh, Pennsylvania, founded in 1985 and currently owned by the corporate consulting company Kroll Inc. Factual Data offers a range of information services for banks, lenders, and other companies in the financial business across America.

What Is Factual Data on a Credit Report?

So what does it mean if you see that name on a credit report? If you see Factual Data on your latest credit report, it usually means that you’ve applied for some kind of credit recently, like a loan or mortgage. It also means that your lender has made use of the Factual Data company’s services to review your credit situation or carry out a credit check on you for the lender. You might also see this listed under slightly different names, including:

  • Kroll Factual Data 
  • CBCInnovis 
  • Kroll Factual Data Inc.

What Mortgage Company Uses Factual Data and Their Services?

There are various mortgage companies, as well as other lenders, who make use of Factual Data to carry out credit checks. The main reason is to reduce risks! You can consult with your chosen mortgage company prior to your application to ask them if they use Factual Data so that you know to look out for this on your future credit report.

Is Factual Data Something to Be Worried About?

Some people are concerned to see Factual Data on their credit reports. And we totally understand why! They may worry if they don’t recognize the company’s name or fret that it could be part of some kind of scam. However, there’s usually no need for concern. 

Factual Data is a legitimate financial company that is often used by mortgage lenders to carry out credit checks. If you see this company’s name, it usually means that you’ve recently been the subject of a credit check.

Why Is Factual Data on My Credit Report?

There are only two main reasons why you might see Factual Data on your report:

  1. You Recently Applied for a Loan or Credit – As stated earlier, the most common explanation of seeing Factual Data on a credit report is that you made a recent application for credit of some kind. For example, a mortgage or a new credit card. It’s likely that the lender you applied with asked Factual Data to carry out a credit check on you to find out more about your credit score and history. 
  2. You Have Been the Victim of Identity Theft – The other possibility with Factual Data on a credit report, however, is that someone stole your identity. If you didn’t apply for any kind of credit and still have Factual Data on your report, it’s possible that someone has been trying to use your personal information to apply for credit cards or loans. Report to the Federal Trade Commission (FTC) or reach out to Factual Data itself to learn more.

Does a Factual Data Mortgage Credit Check Affect My Credit Score?

The truth is that a Factual Data credit check may have an impact on your credit score. Inquiries from Factual Data can be either hard or soft. A hard inquiry is carried out if you actually made an application for a new form of credit. Note that this can slightly decrease your credit score. Soft inquiries are carried out for prequalification. They can be used to check on a person’s credit status and won’t affect one’s score in any way.

How to Remove Factual Data from a Credit Report

If you don’t wish to have Factual Data on your credit report or believe that a check has been carried out in error, there are two options available to you:

  1. Dispute – The first method is to dispute the check. This should only be done if you think Factual Data has appeared on your report by mistake. You can first file a report with the FTC and then send out a dispute letter to a credit bureau and ask them to look into the matter for you.
  2. Repair – The other option is to contact a credit repair company. They may be able to help remove a Factual Data check from your report and help to bring your credit score back up to its previous level.

Factual Data and Credit Report | Final Words

In the end, having Factual Data on your credit report is nothing to worry about. That said, more and more businesses globally are moving to more sophisticated digital solutions to reduce financial risks and provide lending services to their customers – without the need for credit checks and time-consuming paperwork. 

Tarya Fintech, for example, is in the lead in the fintech market. With its modular E2E loan management system and customizable services, Tarya caters to different business needs and empowers customers, even those without access to traditional credit services. Ready to join the digital lending revolution? 

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