Unauthorized CredCo

[Anonymous]

So guys. I got an email from CreditTotal stating there was a CredCo inquiry. 😳😳. I googled the company. I haven't applied for any credit or mortgages. Why would this happen?

[RobertEG]

Inquiries are also made for business transactions you have intitiated which have an associated legitimate business purpose for review of your credit as part of the transaciton. Application for leases, utilities, bank accounts, etc., are common examples.

Did you recently initiate any business transactions for which the business could assert a reasonable need to review your credit as part of the transaction?

[RonM21]

If the answer to.his question without a doubt is no, then you probably want to dispute, as well as make sure there isn't anything strange going on like ID theft or something. The chances are slim, but you never know these days.

[Anonymous]

Thanks for the reply. Nothing new in my world.
I'll track down a number and follow up.
This is just odd.

[grillandwinemaster]

If it's ID theft, you may want to consider freezing your reports as well. 

[RobertEG]

From their web page (credco.com).  Perhaps they are involved in the potential sale or transfer of an exisiting loan???

FCRA 604(a)(3)(E) provides permissible purpose to a party who:

"intends to use the information, as a potential investor or servicer, or current insurer, in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation; "

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"CoreLogic Credco is the nation’s number one provider of merged and specialized credit reports, processing over 90 million credit and related transactions annually. With access to one of the world’s largest consumer and business databases, CoreLogic Credco leads the mortgage; automotive; bankruptcy; recreational vehicle; marine and other specialty credit and retail markets with a broad range of advanced business information solutions designed to reduce risk and improve business performance..

Since it was founded, Credco has garnered a reputation for innovation and ingenuity. For more than 50 years, the company has represented financial stability, integrity, and trust. However, the company that today provides one in every two credit reports used by the mortgage lending industry, traces its beginnings to the entrepreneurial spirit of a single man.

In 1989, Credco raised the standards of quality and service yet again by introducing the Instant Merge® credit report. The first merged credit report of its kind, Instant Merge offered a solution to the problem of data discrepancies between the three national credit bureaus: Equifax (formerly CBI), Experian, and TransUnion. Instant Merge uses Credco’s patented Merge Logic to create a more streamlined and comprehensive credit report. The proprietary Merge Logic system receives raw data from the national credit bureaus in real-time and applies a progressive series of comparisons to eliminate duplicate data. The result is an easy-to-read report containing the most accurate information available on the consumer. This, in turn, allows lenders to make fair and balanced lending decisions. Today, Instant Merge is the most popular merged credit report across all industries."

[Anonymous]

Thanks for the input. As it turns, the CredCo inquiry was authorized - I just forgot about it. Months ago I applied for a student loan repayment package. As a part of the application a credit inquiry was made.

I totally forgot about it. 🙊
Yip hip that it wasn't identity theft.