There is a database that is checked everytime you apply for a master card or a visa card. It's similar to a consumer reporting agency but setup for visa and mc exclusively. This data base is called Issuers Clearing House (ICS). Everytime you apply it is checked and an inquiry is added to the database. This data base contains application data from visa and master card applications. Matches are made from ssn #, name and address info. If you apply excessively for visas and mc it will show up as a security alert. They also store info from bankruptcy and identity theft matters. I found out about this the other day when applying for a card from first natl bank of marin. When I got the report it showed all the times I had applied for a major cc. It was thoroughly accurate. The info stays on for 1 year for inquiries. The centralized database is used to protect against identity fraud and abuse of applying for credit. All mc and visa banks are required to use the database. it's part of the application process and is pulled automatically with the credit bureau. It also tells them if you gave the correct address, ssn and name. It's an extra check so beware of how many times you apply. I had no idea. checkout google and type in issuers clearing house ics or ics issuers clearing house and it will show links from where a guy from visa testified to the house of rep showing all their fraud measures and security procedures.
You are very right....GOOD CALL! From www.senate.gov..... "Issuers' Clearinghouse Service (ICS) A bank card application verification system shared by Visa with MasterCard. ICS verifies an applicant's address, phone and Social Security numbers, and whether he or she has a history of excessive applications or credit card fraud or abuse. ICS is a mandated service for U.S. card issuers that are Visa members. " It looks like ICS might be broken down in a few software applications named 'Falcon' and/or 'CRIS'. Here are some links..... (note, it is actually called Issuers Clearinghouse Service if you do a search) http://www.totalsystem.com/solution...tsheets/ace.cfm http://www.cscu.net/ (lots of good info on this site, check out the .pdf newsletters) Hope this helps! Shawn I can spell, I just can't type!
George.... Sorry, my links got truncated somehow...weird....I haven't had a problem before. Basically, if you just go to www.google.com and search on issuers clearinghouse services you will see the links there as that's all I did. One link is for a credit union group with great newsletters on processing applications, fees, approval levels, etc....a pretty good link. Looks like they really are tracking all or most applications (all in the case of VISA). Wonder if this applies to Bank Debit cards as they carry the V/MC logo...I would assume it would. This make sense as when I recently applied for my getsmart visa I received a phone call from 'data security' who asked me about my past three addresses. Funny thing is I had all but my current address successfully removed from all three reports. They were definately getting info from somewhere else as well. Shawn
Just as I always suspected.... the three credit bureaus are the known enemies, and there are many unknown enemies out there, waiting to destroy the consumers..... I always suspected the companies had to access a database we could never see or dispute. This sucks! Steph
The www.senate.gov site looked to have good intentions regarding ICS, calling it a Fraud Protection System. I DO think thats a good idea, we all know how easy it is to steal someones identity and such a system could nip attempts in the bud. HOWEVER, it is easy to see how such a system could be taken advantage of- and it seems as though this is already happening. I suspect that the ICS database is one that we will have no access to, for valid changes or not. It looks to have some pretty deep roots. I will keep fishing around, hopefully others will too and we will come up with some more info. Shawn
Once you get to Ics check out Visa Vice President Russell Schrader's 7/28/98 statement. Scroll down to Legislative response. They are concerned about section 1003(a) of the draft, Particularly 1003(a)1 "It would be a crime for a consumer to obtain his or her own information if the consumer mis-stated the reason for obtaining the information". Looks like the credit card companies, would like this to slide by and strip us of more of our rights, othewise why write up the draft this way? Why not just enclude a section that would exclude the consumer from this provision? Makes you wonder what is in the rest of the draft Visa presented to them.
Looks like the FCRA gives us too many rights, so, "if you can't beat 'em, make a new system and don't include 'em". The more I find on this thing the worse it gets. Shawn
