CoreLogic Credco Company History
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.
As a young professional, George Zoffel recognized a need for faster, more reliable credit information in the mortgage lending industry. In 1961, Mr. Zoffel opened Credit Associates, the predecessor to Credco, with Ray Aspiri, a close business associate. The company served a moderate client base in Seattle and achieved steady growth as it earned a reputation for quick turnaround and excellent customer service.
At the time the company was established, mortgage lenders had to wait more than two weeks to receive a consumer credit report. During the two-week wait, they ran the risk of losing the loan to competitors or simply having the customer experience a change of heart. As is the case in any sales transaction, the quicker the customer signs on the dotted line, the better. Credit Associates raised the bar for the credit reporting industry by speeding the delivery of credit reports to less than four days.
In order to continue to provide the exceptional service and quick delivery the company was known for, prior to computerization, Credit Associates had to maintain close geographical proximity to its customers. In 1972, Mr. Zoffel took his budding business to Phoenix, Arizona where the real estate industry was thriving. It was then, in an effort to differentiate Credit Associates from similarly named collection agencies, that the company’s name was changed to Credco.
In the early to mid-1970’s, as baby boomers came of age and began purchasing homes, the real estate industry experienced new growth. To meet the needs of the burgeoning mortgage industry, Credco continued to set up new operation centers, and by 1979 had locations in Colorado, California, Oregon, and Texas. As Credco continued its rapid expansion, the company quickly became a household name in the mortgage lending industry.
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.