Wondering why Data Facts is on your credit report?
If you’ve recently noticed the name on your report, it’s most likely there as a soft or hard inquiry.
This inquiry could have been prompted by an application for a new job, rental home, or a loan.
While your score may have dropped a few points, you probably don’t need to be concerned about the inquiry.
However, if a hard inquiry is on your report by mistake, you should get it deleted.
Data Facts On My Credit Report
Data Facts is a credit reporting company that is primarily used by employers to vet applicants.
They run background checks on prospective employees, accessing documents like consumer credit reports to assess their financial responsibility.
When you apply for a new job, the company’s HR team may turn to a company like Data Facts to gain access to your Equifax, Experian, or TransUnion credit reports.
The same is true for landlords and lenders, who also rely on the company for background checks and credit reports.
How Does a Data Facts Hard Credit Check Impact Your Report?
Your credit can be pulled in one of two ways: a hard inquiry or a soft inquiry.
If you pre-qualify for a loan or get your credit score online, your credit is only hit with a soft pull. It won’t impact your credit or go on your report.
Typically, a background check for a tenant or job applicant only requires a soft inquiry as well.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
Hard Credit Inquiries
Hard inquiries function a bit differently. They provide lenders with all the data in your credit report and come into play when you apply for a:
- credit card
- other types of loans
These inquiries do go on your credit report, unlike soft inquiries, and they can lower your score by a few points.
Fortunately, they don’t stay there for long, falling off your report completely in two years’ time, with their effects diminishing along the way.
When a company runs a hard inquiry, they may only look into one of your reports, impacting only one score.
Others may access two or all three of them, meaning each report could be dinged with an inquiry.
Most people have hard inquiries on their credit reports; they’re central to getting approved for loans, credit cards, and mortgages.
That means having a few on your report isn’t the end of the world; however, having lots of hard inquiries on your report at any given time sends a negative message to lenders.
It can suggest that you aren’t in a very stable financial situation and have to apply for loans and credit to stay afloat.
While a couple of points from a hard inquiry may not hurt your score much, several inquiries could lower your score short-lived significantly.
Keep the inquiries at bay by only applying for offers you’re likely to qualify for based on your score and any other requirements.
And if you’re applying for a mortgage, you’ll have 14 days to submit applications to multiple lenders without hitting your report repeatedly with inquiries.
How to Get Data Facts Removed from Your Credit Report
Good news: a credit inquiry is nothing to stress over if you applied for funding, a job, or a new home.
However, an unknown inquiry could mean someone tried to use your identity fraudulently, or it may signal a reporting error.
If you don’t think Data Facts should lawfully be on your report, here are a few pointers to get the hard inquiry deleted from your credit report.
Dispute the Hard Inquiry
If a hard inquiry is on your report, but you never submitted any applications, you should dispute the entry.
The Fair Credit Reporting Act requires companies like Data Facts to report fairly and accurately.
If something is amiss on your report, you are well within your rights to have it removed.
You may want to initiate this process by contacting Data Facts to get all the details on the inquiry.
They should be able to explain how the entry made its way onto your report.
With that information, you can go to the credit bureaus displaying the entry.
When you file a dispute (online, by mail, or via phone), the bureaus have 30 days to complete an investigation of the situation.
If there’s no proof the inquiry should be there, the bureaus will delete it.
Monitor Your Credit
Since hard credit checks lower your score and identity fraud could be to blame for a mysterious inquiry, it’s important to stay on top of changes on your credit report.
A credit monitoring service can keep you in the know, sending you regular score updates and alerts when your report changes in any way.
They’ll also give you tailored recommendations and offers that can help you improve your score and get the funding you need.
Consult a Credit Repair Company
Need help getting Data Facts removed from your report?
Dealing with identity theft and inaccurate reporting can be exhausting.
A credit repair company can take the stress out of improving your credit. They will take the necessary steps to get faulty entries off your credit report.
They can do more than just dispute hard inquiries, helping with credit issues such as:
- Collection entries
- Faulty reporting
- Identity fraud
- Late payment history
One of the best credit repair companies can quickly determine what’s hurting your score the most and work to improve it.
To recap, applying for a credit card, loan, or line of credit does have a minimal impact on your credit score.
Fortunately, the effects of a hard inquiry are short lived.
If you did apply for a job, rental, or mortgage from a company that partners with Data Facts, you have nothing to worry about.
If not, the Fair Credit Reporting Act provides you with the resources you need to get the inquiry removed.
Any time you suspect identity fraud, you can place a freeze on your credit report, as well as a fraud alert.