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What is a Specialty Credit Report

Most consumers are aware that they have a credit report specific to them that tracks their credit history.  This report is prepared by a credit bureau and used by lenders and employers when determining a consumer’s creditworthiness.  These reports include essential information including personal data, current and previous addresses,  social security number, employment history, financial data, credit card accounts, loans, store charges, mortgages, utilities, collection accounts, judgments, tax liens, etc.

The average consumer is aware of the three big credit reporting agencies, Trans Union, Experian and Equifax, distributing the information contained in a credit report, but did you know that there are specialty reports out there that you don’t get to see?

Specialty reports are credit reports that track more than just your credit history.  These reports are used by stores, insurance companies and employers when making a decision to extend you credit, rent you a home or an apartment or hire you for a job.  The problem is, most consumers don’t know they exist.  These specialty reports contain information that the big three credit reporting agencies don’t track, including your cell phone bill, medical bills and bank account information. 

Making sure you are aware of these specialty reports can earn you or cost you a loan or a job.  Specialty reports can help the millions of consumers who don’t have a loan or a credit card and have no established credit.  When a lender or employer is looking at your report and there is no credit to review, these specialty reports, that show your bill payment history, bank account transactions and employment history can serve as a reason to extend or deny you credit.  The problem is a consumer cannot get his or her hands on one of these reports until denied for credit.

Under the Fair Credit Reporting Act (“FCRA”) a lender is required to provide a consumer with an adverse action letter when denying a consumer for credit.  The adverse action letter must provide the name and contact information of the credit reporting agency used to make the decision and notify the consumer of his or her right to request a copy of the report used at no cost to the consumer.  Writing to the reporting agency upon receipt of the adverse action letter will earn you a copy and let you get a glimpse of what is reported about you.

If you believe your rights have been violated under the FCRA and you would like to speak with a licensed attorney for a completely free case review, contact SmithMarco P.C. 

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