I don't know how this effects everyone here but I for one find this hard to believe. This bureau is already in use by mortgage companies and some lenders. Tackling 3 bureau's is enough to pull your hair out, but a 4th that is operating behind the scenes so to speak is outrageous. I do feel this is a violation of our rights as human beings not just FCRA or FDCPA. I also feel this should be brought to light and discussed, not just looked at and worried about for some future injustice. Just my opinion!!!!!!
Well, for the record, there were as many as 5 national credit bureaus at one point in the late 1980s and early 1990s: 1) TRW, 2) CBI/Equifax, 3) ACS, 4) Pinger, and 5) Trans Union. ACS and Pinger combined to form the once-famous Chilton Credit Bureau. (Anybody remember Chilton -- those bastards.) Then TRW merged with Chilton and was renamed Experian. If you look over credit repair books of that period (flea markets, yard sales, used book stores, etc.), you'll see that they advise disputing with all of 'em. More often than not, that meant at least one or two more than what we deal with today. I'm certainly not endorsing the existence of Innovis with this posting, lol. However, the idea that we as consumers have never had it so bad is untrue. It's been worse, and it's been better. Only change itself seems to be the constant in their sleazy industry. Doc
I walk in those shoes, hmmmm, that does make sense. It is speculated that they receive or buy the negative information removed from the big 3 CRA's? Am I understanding correctly?
There were ROOMERS that INNOVIS was going to be a SUPER SECRET "DEPOSITORY" for ALL INFORMATION EVER REMOVED FROM THE BIG 3 CREDIT REPORTS (REGARDLESS OF ACCURACY)...
Correct. It is speculated that they compile all of the derogatory information from your reports that has been deleted. Of course, at this point no one knows for sure because Innovis won't allow us to see OUR reports. I think it's unethical of a mortgage bank, or any bank extending any type of credit to pull from Innovis. Why should they get to see personal information about us, when we can't?
Was just looking at their website, they are required reporting for fannie and freddie federal mortgage loans. "CBC Companies has been providing consumer credit information through its credit bureau organization for over 50 years. As an affiliate of CBC Companies, Innovis will continue to develop unique tools for credit decisioning and risk management" THAT'S the inquiry showing up that didn't make any sense!!!!!!!!!!!!!!! CBR/CBC Companies, TU said purpose was a credit transaction. Do they do more than report? Reads like they get a lot of information from the major credit providers too. I've not applied for anything in a while, do they want samples of my first-borns blood yet?
8. How can bureaus have different information when the data is furnished by the same provider? The credit reporting agencies are separate companies that have different policies and procedures. While our credit reports may look different, the accuracy of the information should be the same. If you are concerned that the data is being misrepresented or is displaying inaccurately, you should contact the credit reporting agencies to validate the data. That's from a FAQ, they say they are FCRA compliant but you have to contact the CRA to validate? That's the provider having to contact the CRA to validate, amazing! I hope the banks will view it as unethical, the sub-prime bankers and brokers are gonna love it.
grrrrrrrrrrrrrr, yes the insurance companies too (insert random cuss words here, lol). My son just this week totalled one of our vehicles too; insurance company already said that DH and I will lose the no accident discount. grrrrrrrrrrrrrrr again with more cussing!
