We have all heard of the three major credit bureaus, Equifax, Experian and TransUnion, but you may not be aware there are other credit agencies that hold your data.
Consumers have the right to get a free copy of their credit reports. Review your reports and if you find inaccurate information file a dispute to have it corrected. Negative marks on your report can prevent you from being approved for credit and services.
Placing a security freeze on your reports prevents access. Freezing your credit is one of the best ways to protect yourself against identity theft and other malicious activity.
These are just a few of the nearly 40 credit reporting agencies in the United States. The Consumer Financial Protection Bureau (CFPB) offers a complete list of the credit reporting agencies on their website.
Consumer Financial Protection Bureau
ChexSystems
ChexSystems is a credit agency that reports on consumer checking accounts. Checking account information does not typically appear on your credit report with the three major bureaus unless you have an overdraft charge that is turned over to a collection agency. When you apply for a new checking account banks may request a copy of your report from ChexSystems. They report data on checking account applications and account openings and closings.
Certegy
Certegy keeps a database of check-writing history. Businesses use the reports to help them determine if they will accept checks from consumers. They also provide check screening services for retail businesses that accept checks.
Innovis
Innovis collects information on consumers credit history. They collect the same type of information as the three major credit bureaus but also report on utility bills, subscription services, rent payments and other information that the three major credit bureaus may not.
LexisNexis
Companies use LexisNexis to verify identities when deciding to offer loans, quote insurance rates, and offer government assisted benefits. The information they provide about consumers is collected from public records and publicly available data sources. They also use proprietary data and information from third-party data sources.
Clarity Services
Clarity Services is part of Experian, the data collected is typically not part of your Experian credit report.
Their data source is obtained from a variety of financial service providers, including online small dollar lenders, online installment lenders, storefront small dollar lenders, auto title and rent-to-own companies. The data collected by Clarity Services is used to generate its Clear Early Risk Score to help lenders evaluate non-prime consumers who are considering alternative financing.
CoreLogic Credco
CoreLogic Credco is a reseller of consumer reports and other information to its clients, which consist of banks, mortgage companies and other lending institutions. They specialize in merged credit reports, which may bring together data from all three of the national consumer credit bureaus (Equifax, Experian, and TransUnion). Their customers use the merged credit reports to help them determine whether to approve a loan or credit application.
Microbuilt
Microbuilt provides businesses with consumer reports on credit and banking status. They also offer identity verification and background screening services.
NCTUE
The NCTUE data report is a record of all telecommunication, pay TV and utility accounts reported by exchange members, including information about a consumer’s account history, unpaid closed accounts and customer service applications. This information is used by other service providers that are members of NCTUE to assist them when deciding to offer credit. The NCTUE Disclosure Report is the disclosure provided to consumers containing the information in their data file.
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