Most consumers are familiar with 3 credit reporting agencies - Equifax, Experian and TransUnion. Have you ever heard about specialty consumer report? Your next probable question would be what is speciality credit report? How nationwide consumer reporting agency affects you? In most cases, consumer care about the facts after they disqualify for jobs,insurance policies, or an apartment rental. It is very unfortunate though. This article is going to reveal some useful information related to your credit reports.
What is a Specialty Consumer Reporting Agency?
According to FCRA, companies that are compose and maintain consumer’s files on a nationwide basis are called consumer reporting agency. Specialty consumer reports come under FCRA Act. Specialty consumer reporting agencies are not there to maintain your general credit card, consumer’s finance or mortgage related files. The reports give a free annual disclosure of the consumer’s file.
Types of Specialty Reports
Specialty Consumer Reporting Agency will provide some specific types of information about consumers nationwide. Specialty reports mainly focus on some specific types of records such as check-writing history, medical payment records, residential or tenant history, insurance claims, employment history.
What kind of information is there on speciality report?
Specialty consumer reporting agencies are working quite similarly as credit bureaus. Nationwide specialty consumer reporting agencies (NSCRAs) will keep the following information using wide sources such as:
- Checking Account use - Information about fraudulent use of an account, closed bank accounts due to no funds, bounced checks for last 5 to 7 years, consumer’s credit history.
Insurance related claims - Past 3 years to 7 year’s information of auto and homeowners insurance claim. - Income and employment information - Information on consumer’s marital status, public or nonpublic records, criminal or civil cases.
- Rental information - Information related to consumer’s payment record, evictions, other information collected from past landlords. Information related to home ownership.
- Personal health care related information - Any risky activities or participation such as skydiving , driving records, medical details indicated on your own insurance application coverage, test results from medical underwriting exams.
- Your medical information ( prescription drug history) - Information about physician visits, medicines used over the past five years, medicine dosages.
The specialty reporting agency provides report to insurance companies, employers, and landlords depending on these information. FCRA imposes some responsibilities on the speciality reporting agencies like credit reporting agencies. Moreover, like credit bureaus, specialty reporting agencies have no right to make decision related to (giving a job, renting house, writing an insurance policy). The landlord, employer or insurance company will decide on this matter.
What are your rights as a consumer?
The Fair and Accurate Credit Transactions Act (FACTA) and The Federal Fair Credit Reporting Act (FCRA) supervise Specialty Consumer Reporting Agency and allocate some rights for consumers.
- Consumer have the right to dispute a biased and inappropriate information. The reporting agency should finish up all the investigation related to consumer’s dispute subject within 30 days.
- The reporting agency should send the result of the dispute subject to the concerned consumer/person after making certain changes. If the information is seen incorrect, it should removed or corrected by the agency.
- Similarly, if the information is seen correct, the report should remain unchanged. In that case consumer should write a short statement. Consumer have another option as he/she can contact concerned company or person (source) directly regarding the matter.
- Unemployed consumers who are planning to enter in their job within 60 days or incase of receiving public benefits have right to get free report in every 12 months. If they demand to get a copy of their credit report after that duration, then they have to pay a small fee of around $10.
- Consumer have the right to get free report from consumer reporting agency. Equifax, Experian and TransUnion are also included in the list and bound to give you the report at a time in every 12 month as per the request.
- Creditors, insurers, employers, banks, etc. may check you report before giving you a credit card, insurance policy, job and mortgage. They may refuse to give you the facilities if they find any mess in the report. In that case, you have the right to get a free annual report when someone takes negative action in respect of your application on basis of your credit history. But before doing so, you should specify your name to get a copy to the free report. Moreover, the company or the concerned person should send you letter mentioning the “source of the report” and “notice of adverse action”. Consumer should request his/her free report within 60 days after receiving the notice letter.
To do list:
Below are some guidelines offered by The Privacy Rights Clearinghouse for consumers who want to check their reports.
- Consumers can check his/her speciality report any time when they want to verify the information.
- It is advisable that, verify the report before knows that their credit report might be used.
- Make sure you have much time to find out the report and take action such as making correction, giving explanation.
- Consumer should order all available credit reports (regular) incase of identity theft.
- Consumer should order their tenant history report before planning for a rental apartment.
- Consumer should order their MIB report if they are applying for long-term care, fatal illness,disability insurance, health care.
- Consumer should request companies to share information (including name and contact information) when employer wants to check their credit report.
- Consumer should order their ChexSystems report if they want to open a new account or after a fraudulent use of their account.
- Consumer should order their Comprehensive Loss Underwriting Exchange (CLUE) or A-PLUS claims reports if they are going to obtain automobile insurance after verification of proper past claims.
Name of the major speciality consumer reporting agencies
Below are some big speciality reporting agencies for consumers assistance. These mentioned agencies are governed by FCRA.
Insurance claims history
- A-PLUS
- CLUE report
Checking account history
- TeleCheck
- ChexSystems
Tenant history
- RentBureau
- Tenant Data
Medical
- Medical Information Bureau
- IntelliScript
Prescription history
- Ingenix (MedPoint report)
Employment history/ Screening
- The National Association of Professional Background Screeners
- LexisNexis Screening Solutions
Sometimes, laws can vary from one state to another. States have own laws regarding consumer report. Contact your local consumer protection agency to get more information. Remember, consumers have full rights to accuse the concerned reporting agency who provides incorrect information and delay to correct the flaws. Learn more from FTC.gov on topics like (a) how to file a complaint? (b) how to improve credit? (c) how to avoid fraud? State law may offer some more rights to consumer. Try to stay connected with your local consumer protection agency for more details.Information are available at state attorney general’s office too for consumer’s help.