There are a number of smaller organizations that, in order to generate revenue, collect and sell various forms of consumer information to companies who need to make a judgment about you. You have the right to an accurate credit report, and you have the right to dispute any inaccurate information with the credit reporting agency in order to have it corrected or removed. Since these smaller credit reporting agencies are also subject to the Fair Credit Reporting Act, this means that you have the right to an accurate credit report. The majority of people are familiar with the three major credit agencies that operate on a nationwide scale: Equifax, Experian, and TransUnion. There are a number of other credit reporting organizations available, despite the fact that the vast majority of creditors consult either one, two, or all three of these bureaus in order to access your credit history and credit ratings. These smaller credit bureaus are also subject to the statute that requires them to provide annual free credit reports to consumers. The only difference is that in order to obtain a free copy of your credit information, you will need to make direct contact with the organization in question. Become familiar with these smaller credit agencies so that you will know when it is possible for your information to be used in a decision about your credit You have the legal right to a free copy of any credit report that was used to make a decision that was unfavorable to you, such as turning down an application for credit.
ChexSystems
Banking information is not included in any of your standard credit reports unless you have an overdraft that is sent to a collection agency. Suppose you do not have an overdraft that is sent to a collection agency. ChexSystems is the checking account industry's equivalent of a credit bureau. When you apply for a checking account, the bank will very certainly verify your credit history using a service called ChexSystems to decide whether or not it would be prudent for them to give you an account. ChexSystems is a company that gathers information on checking account applications, openings, closings, and the reasons why the account was closed. The information is then reported. You should get a copy of your credit report from ChexSystems and look it through at least once a year to ensure that it does not contain any incorrect information that could prevent you from transferring banks or opening a new account. In the event that your ChexSystems report contains unfavorable information, it may be more difficult for you to obtain a new checking account.Certegy
For the purpose of assisting businesses in determining whether or not to accept checks from customers, Certegy maintains a database of check-writing history. In addition to that, they offer check screening services to retail establishments that take checks as payment. Businesses that utilize Certegy to manage the risk of check fraud may choose not to accept a check from you if your report contains information that is unfavorable to the company. Even if you don't write a lot of checks, reading your report from Certegy can help you find out if someone else has written faulty checks in your name. This is true even if you don't write a lot of checks.Innovis
Because it gathers information that is comparable to that collected by the three major credit agencies, Innovis is frequently referred to as the fourth credit bureau. Numerous companies utilize Innovis as a means of pre-screening prospective clients since the company offers data on ID verification that can assist with the discovery and prevention of fraud. They also gather a great deal of information that is not often associated with credit, such as payments for rent and magazines subscribed to, and utility bills paid. You can place an order for your annual credit report with Innovis via the postal service, the telephone, the internet, or in person.The Services of Clarity
Many of the credit transactions that aren't included in typical credit reports from the three major credit agencies are collected and provided with information by Clarity Services, which is owned by Experian. This information can be requested from Clarity Services. They concentrate on firms that provide services related to subprime lending, such as payday loans, installment loans, auto title loans, check cashing services, and rent-to-own enterprises. Clarity Services is responsible for collecting the data that is then used by Experian to build its Clear Early Risk Score. This score assists lenders in evaluating non-prime consumers who may be interested in alternative financing. In order to obtain a copy of your credit report, Clarity Services makes available a form that can be printed out and sent in through mail or fax along with a copy of your identification provided by the government.The CoreLogic Teletrack System
Additionally, Teletrack compiles statistics on a wide variety of subprime lending options, such as payday loans, rent-to-own companies, furniture stores, auto finance, subprime credit card issuers, and debt purchasers. It's possible that these kinds of companies don't report to the three big credit agencies, which means that your accounts won't be reflected on your major credit reports. Instead, these companies will check your credit history through a service called Teletrack before deciding whether or not to provide you with a loan. You can obtain a copy of your Teletrack credit report by first printing off a copy of the request form and then sending it in via postal mail.CoreLogic Credco
Credco delivers combined credit reports to major lenders such as mortgage and auto lending companies. Your information is combined from all three credit agencies into a single file, which is referred to as a consolidated credit file. Credco also gathers private information such as ownership of real estate, responsibilities related to loans and loans taken out, legal property filings, rental applications, collection accounts, consumer bankruptcies, liens, judgments, and child support obligations. By downloading, printing, and sending in the appropriate form, you will be able to obtain a copy of your Credco credit report at your request. You have the right to access the information that is on file, obtain one free copy of your report each year, and challenge any inaccuracies that appear on your report as long as the smaller credit reporting agencies are required to obey the Fair Credit Reporting Act.Questions That Are Typically Asked (FAQs)
How many different companies are there that submit credit information?
The three major credit reporting companies—Equifax, Experian, and TransUnion—are the ones that most people immediately think of. There are about fifty distinct businesses that gather particular information on customers, ranging from banking details to details about their utility providers. You have the right to receive a report once a year that contains all of this information so that you are aware of the status of both your finances and your credit report.Which of your credit reports should you prioritize the most?
At the very least, you should be aware of what your FICO score is, even if you don't pay attention to any other credit score. When applying for a loan, this number is the one that is typically supplied to potential lenders as part of the application. It provides information about your credit history as well as the amount of credit that is currently available to you.