As discussed in the last blog how consumers have a variety of credit scores, consumers also have a variety of consumer reports. Beyond the credit reports from each of the three big credit reporting agencies, Experian, Equifax and Trans Union, consumers have specialty reports that are used to provide different types of data to lenders looking for specific information. Just like your consumer report, these reports help lenders determine whether or not they want to extend you credit and at what rate. Though most lenders request a copy of your credit report from the big three agencies, in addition they also look to these specialty reports to help make a determination. Below is a list of four specialty reports you may not be aware of but are used by lenders across the board.
Leasing Reports:
When looking to lease an apartment or home, landlords request a variety of information from consumers. Most landlords want to see a copy of your consumer report but also request a special renter’s report. These reports list any residences you may have resided in over the past seven years, what condition you may have left the residence, how much you spent per month, how long you leased the apartment for, whether you were ever delinquent on payment and whether you were ever evicted. All of the information contained in a renter’s report is vital information to a landlord in determining whether to extend you a lease.
Employment Reports:
Equifax offers an employment history report to creditors. This type of report provides a lender with your employment history and salary information. With permission from the consumer, this type of report may be used in lieu of providing a lender or potential employer with pay stubs.
Banking Reports:
When applying for credit, banks often pull a copy of your credit report to review your account history, however if you are looking to open a checking or savings account, a banking report will give a bank a better idea of your financial history. This type of report often includes information relating to how many accounts you have held and the past activity of these accounts.
Utility Reports
Utility companies are not required to report data on your consumer report and usually do not report to the big three credit reporting agencies unless it is negative information. If a utility company or telecommunication company wants to extend you credit, it will look to this specialty report to see your history. This report includes your utility accounts, payment history and service connection requests.
It is important to know that all of these reports are considered “consumer reports” under the Fair Credit Reporting Act. Therefore, the credit bureaus, or any other company selling these reports to the users, must comply with all aspects of the FCRA. That is, they cannot provide that report to any person or comapny that does not have a permissible purpose to obtain such a report, they must utulize all reasonable procedures to assure maximum possible accuracy in the reports, and it must investigate and respond to any dispute over the accuracy of the report within 30 days.
If you are interested in more information about your credit report and would like the advice of assistance of an attorney, contact SmithMarco P.C. for a completely free case review.