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Specialty Consumer Reports

  • Sep 25 2015

Most individuals are aware that when they apply for a loan the lender will request their credit history from a credit reporting bureau. The three largest credit reporting agencies are Experian, TransUnion and Equifax. Your credit report provides the lender with information that will be used to determine whether you qualify for a loan and how much it will cost you to borrow the money from them.

What many people are not aware of is that there are other consumer reporting agencies that not only collect your personal financial information, but also sell it? These companies are often referred to as “specialty consumer reporting agencies.” They create a report on you that may include information such as your employment history, banking information, rental history and your criminal record. It also includes information that can be obtained from the public records such as lawsuits filed against you, tax liens and whether you have filed a bankruptcy case.

It is important to know what is being reported on your specialty consumer report because it can impact you when you apply for a job, rent property, or even apply for health or property insurance. The consumer reporting agency is required to implement reasonable procedures to ensure that the information on your report is accurate, but you mistakes happen. Thus, it is important for consumers to routinely review their report and confirm that there are no errors on it. If you discover a mistake, take action to have it corrected. You must notify the consumer reporting agency of the error and the agency has thirty (30) days to conduct an investigation and correct the mistake. Once their investigation is completed, they have five (5) business days to notify you of what it discovered.

If you are planning to apply for a new loan, rent property, apply for insurance or take some other action that will result in your personal reports being checked, you should review your reports in advance. You are in the best position to know if the information is accurate. Be sure to leave yourself plenty of time to have any errors corrected before you submit your application.

Take the first step to resolving your debt problems today by contacting us for a FREE initial consultation. The attorneys at Fitzgerald Campbell represent debtors all over the State of California in debt settlement, collections harassment and credit card lawsuits.  If you have a matter relating to a debt you owe, contact us today by calling 855-709-5788 for a consultation.

Posted in: Credit Report