Under the Fair Credit Reporting Act (“FCRA”), you are entitled to know what is reported on your credit report. Credit reporting agencies provide your information to lenders, employers, landlords, banks, insurance companies, department stores, and other entities. So, to maintain your financial welfare, you need to know what these agencies are reporting about you. Experts say there are approximately 400 specialty credit reporting agencies in addition to the three main players, Experian, Equifax and Trans Union.
Under the FCRA, you can receive copies of your credit report once a year at no charge. To keep your credit in check, try to request copies of your reports from all different areas of reporting. The following is a list of the different types of agencies and what they report on, including your medical history, insurance, employment, rental history and banking history.
Employment History Reports
The most common area of specialty reporting is the Employment History Report. Some of the top employment history agencies are ChoicePoint (a division of Lexis/Nexis) and The Work Number or TALX (an agency owned by Equifax). Other agencies also include HireRite, Checkr, and Sterling Information Systems. These agencies help potential employers verify the employment history of applicants or existing employees. These reports contain employment and income information from your past and present employers, information about lenders and credit reporting agencies, and any alerts or statements you have requested to be placed on your file.
The next type of specialty reporting is the Insurance Report. Comprehensive Loss Underwriting Exchange (C.L.U.E.) is a claims history database that allows insurance companies to access consumer claims information. Your report contains claim information, policy information, and information about the property covered.
There are also Personal History Reports for renters. ChoicePoint Resident Data Tenant History Report, CoreLogic SafeRent, Inc. Rent Bureau, and Tenant Data Services, Inc. report information related to your tenant history. These types of reporting agencies report information to landlords and other housing providers.
Check Writing Reports
Another fairly common specialty report is the Check Writing Report. The most well known of check writing agencies are ChexSystems and TeleCheck. These agencies report your check writing history to banks and other lenders looking to lend you credit and set your interest rate.
Another Specialty report includes Medical and Prescription History Reports. Medical Information Bureau, Inc., Ingenious MedPoint, and Milliman IntelliScript are a few of the agencies that provide information on your medical history to insurance companies, including past prescriptions and payment history. Insurance companies can utilize this information to determine your coverage and benefits.
Under the FCRA, you are entitled to access each and every report generated on you. Familiarizing yourself with your credit history will help you build better financial security and dispute any mistakes that may affect your financial, employment, and housing future.
If you believe your rights have been violated, contact SmithMarco P.C. for a completely free case review.