Credit Scores and Reports: Other Reports to Know About
The Consumer Financial Protection Bureau is such a wealth of information and resources for consumers. I have been sharing how businesses and organizations have access to consumer information to assist when approving requests or applications for products or services.
In this final post regarding consumer reporting companies, I will share an overview of several other reports that are available. Most of the sites I have checked will provide a free report if you request it.
Below are several additional areas where reporting companies provide reports and data that may help with application approvals and decision making with service providers.
The Personal Property Insurance industry may utilize companies that may report up to seven years of auto and personal property claims. They may also provide insurance risk scores to help inform pricing and underwriting decisions. Additionally, motor vehicle records may be provided to prospective employers, as well as employment and education verification services, and more. These companies may collect, and report insurance claims and loss history associated with homes, auto or personal property.
Medical reports may be available to insurance companies when applying for private life, health, critical illness, long-term care and disability income insurance. Generally, the company will not have a report on you if you haven’t applied for individual life or health insurance at a company that uses this service.
Low-income and subprime reporting companies provide information such as payment history on payday and installment loans, subprime credit cards and other specialty loans. They may also provide predictive credit data and analytics and risk scoring solutions.
Supplementary reports provide information such as ID verification data to assist with fraud detection and prevention. They may collect information from, and provide supplementary consumer reports to auto lenders, credit card issuers, retailers, utilities and other service providers.
Utility companies collect information associated with telecommunications, pay TV, and utility services (such as electricity, gas, water) to help companies in these industries manage customer relations and assist with determining credit worthiness.
Retail companies may utilize a service that monitors and reports to merchants. Information may include retail product return, and suspected exchange fraud and abuse. The company helps retail companies detect and prevent potentially fraudulent transactions and reduce policy abuse.
Gaming establishments such as casinos and racetracks may utilize companies that share consumer data associated with check cashing settlement services. These companies help gaming establishments manage credit and fraud risks.
To learn more about who can see your consumer reports, visit the Consumer Financial Protection Bureau page found HERE.
To find a list of consumer reporting companies, visit this Consumer Financial Protection Bureau page HERE. This page not only lists reporting companies, but includes links with information, direct links to the agency’s websites, contact information and more. Most also offer a free report if you request it and the company has a file on you.
As a financial coach I help people review and better understand their credit. I also provide tools and guidance with creating a money plan to help reduce worries and increase hope for a better future. If you’d like to meet CLICK HERE to schedule your Personal Financial Coaching session.
Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com
As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.
