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What is CBCInnovis on my credit report?
CBCInnovis, Inc. formerly provided consumer credit information to mortgage lenders. This means they might have appeared on your credit report if you applied for a mortgage.
In 2015, CBCInnovis merged with Factual Data. They fully rebranded in 2019, and have been operating under that name ever since. 1
Factual Data provides merged credit reports, identity verification, and other consumer information to banks and other mortgage lenders. 2
Throughout the rest of this article, we’ll refer to this company by their original name (CBCInnovis). However, remember that they don’t do business under that name anymore and any marks on your credit report labeled CBCInnovis should date from 2019 at the latest.
If CBCInnovis is still on your credit report, it might be a mistake
In general, hard inquiries only appear on your credit report for a maximum of two years. Because CBCInnovis rebranded more than two years ago, if you see their name on your credit report, there’s a good chance it’s a reporting error. You can dispute the mark on your credit report by following the guide further down in this article.
Is CBCInnovis a scam?
No, CBCInnovis isn’t a scam—CBCInnovis is a legitimate organization. If their name is on your credit report, it probably indicates that a lender used their services to check your credit.
If you’re certain that there’s activity on your credit report under CBCInnovis that shouldn’t be there, it’s possible you’ve been the victim of identity theft.
We’ll discuss the reasons (both legitimate and fraudulent) that CBCInnovis might be on your credit report in more detail in the next section.
Why is CBCInnovis on my credit report?
CBCInnovis is probably appearing on your credit report as an inquiry. There are really only two reasons why you’d have a CBCInnovis inquiry:
1. You applied for credit
You’ll see CBCInnovis on your credit report if your prospective lender used one of the company’s products to run a credit check on you to determine whether or not to extend you credit. There are two possible ways that an inquiry can appear on your credit report:
- Hard inquiry: You’ll see a hard inquiry on your credit report if you actually applied for new credit, such as a car loan or mortgage.
- Soft inquiry: You’ll see a soft inquiry on your report if someone checked your credit for reasons unrelated to credit applications or to prequalify you for an installment loan or other type of credit.
The main difference between hard and soft inquiries is that hard inquiries will bring your credit score down by a few points, whereas soft inquiries don’t affect your credit score.
2. Someone stole your identity
If you see a CBCInnovis credit inquiry on your credit report but you didn’t apply for credit, then it could be a sign of identity theft. If you suspect that someone’s stolen your identity, then there are a few steps you need to take:
- Contact CBCInnovis or the company that used their services to check your credit and gather the details of the application.
- Report the identity theft to the Federal Trade Commission (FTC). Go to www.identitytheft.gov and answer the questions to generate an identity theft report and recovery plan.
- Contact the relevant credit bureaus (Equifax, Experian, or TransUnion) and have a fraud alert placed on your credit report.
You only need to contact one of the three bureaus and have a fraud alert placed on your credit report. The bureau you contact will coordinate with the other two, and your fraud alert will be acknowledged by all three. 3
Carefully monitor your credit reports in order to catch identity theft as early as possible. The sooner you report it, the less damage will be done.
How does a CBCInnovis inquiry affect my credit score?
Hard inquiries have a small, short-term effect on your credit score. However, too many hard inquiries can significantly lower your score and make it difficult to get approved for new lines of credit at competitive rates.
How much a CBCInnovis credit pull actually affects your credit score depends on your credit history and how recent the inquiry was. Hard inquiries usually cause a small drop in your FICO or VantageScore credit score, but the effect shouldn’t last more than a year. 4 What’s more, they won’t stay on your credit report for more than two years.
How to remove CBCInnovis from my credit report
If you want to delete CBCInnovis from your credit report, then try one of these two approaches for removing hard inquiries from your credit report.
1. Send a dispute letter
If you suspect that your CBCInnovis inquiry is a mistake, then you can send a dispute letter to the credit bureaus. You should also send a dispute letter if you think that CBCInnovis is on your credit report due to fraudulent activity or identity theft, but you should first file a report with the FTC and follow the other steps outlined above.
Once you’ve filed a dispute, the credit bureau will be required to investigate and correct any inaccurate information on your report, usually within 30–45 days. 5
2. Use a credit repair company
A credit repair company will act as a middleman between yourself and your creditor, CBCInnovis , and/or the credit bureaus. A credit repair professional might be able to get a CBCInnovis hard inquiry off your credit report by helping you gather all the required documents and evidence and doing the hard work for you by handling your communications with your creditor and the credit bureaus.
However, be wary of scammers. By law, credit repair companies are not allowed to make false promises or charge you before they’ve helped you. 6 Moreover, while hiring a credit repair company can save you some time and hassle in disputing items on your credit report, they won’t necessarily be able to erase valid inquiries or turn a bad credit score into a good credit score overnight.
In many cases, credit repair companies won’t be able to do anything for you that you couldn’t do yourself, so consider whether it’s worth paying for a third party to help you get CBCInnovis off your credit report.