There is something else to think about with all these CRAs. If we all start writing them and demanding our credit reports frome each and every one we can find and start sending them all the same dispute at the same time, that would really create some confusion for them. Suppose for instance that Equifax has a bad listing against me. We know now that there are at least 20 reporting agencies out there. That's probably just the tip of the iceberg. So if for instance 10 of those 20 CRAs have the same listing against me. So I send the same exact dispute letter to all 10 of them demanding verification, validation, whatever, then they are all going to have to be sending letters back and forth trying to get their act together. If enough people were doing that on an active basis, it sure would create some headaches for them. Of course, the problem is that we'd have about as big a headace trying to keep up with it all as they would. That innovis one and a couple more sure do sound interesting as possible sources of some of our problems however.
Innovis Important note about Innovis: I got notice that a negative had been added to this report ( a disputed account - ex troll's wife's account ). This was the first I ever heard of them. I immediately wrote them and disputed the account with Innovis. I received notice in record time (2 weeks) that the account was deleted from Innovis. Innovis Data Solutions PO Box 219297 Houston, TX 77218-9297 800-540-2505 FAX: 281-589-1249
Re: Innovis NanaC: Sure looks like we are going to have to include them in disputes in order to get a thorough job done, doesn't it? I'm going to shoot a letter off to them demanding my once a year free report so I can get them all cleaned up too.
Re: Innovis Innovis is a required credit repository for reporting purposes to those who are Fannie Mae and Freddie Mac servicers. For more information on guidelines click below: http://www.innovis-cbc.com/cont_provider.htm I found this small print at the bottom. This may explain why Marie and and the mortgage broker had different reports. If her bank is a Fannie Servicer or Freddie Mac servicer, then that might have been the Innovis report and that is probably why he did not want her to see it. I agree I think this is an underground agency that banks don't want us to know about so they can justify their higher interests if negative info show up on Innovis. Frank, I think you are on to something here. Good job, thanks for the info. I will also be writing my letter today. Thanks Cypri
It could be getting worse. Take a look at these Fannie Mae servicing guidlines. They say there are four major credit bureau's. They are listed here... http://www.innovis-cbc.com/fanniemae_requirements.htm Get ready to start over... ?? John
A real can of worms This is getting to be a real can of worms. The website that purports to list all of the CRAs don't even come close to getting the job done. What we are actually talking about here is the possibility of there being maybe "hundreds" of CRAs out there (as a figure of speech) Maybe not "hundreds", but you know what I mean. The major problem is that people (especially newbies) learn what a medusela's head this thing really is and just throw up their hands and say "Screw it all, I can't win against so many so why even bother?" Yet there has to be some degree of sensibility about all of it. I think it has to end up being broken down into categories of some sort according to what one is trying to do with their credit histories. For instance, for those just starting out getting rid of bad credit, the 3 majors plus maybe one or two of the locals or regionals would be plenty to worry about to get the job done. Then once they get to the point where they are reall looking for top AAAAAA++++++ credit ratings in order to buy a house or maybe a business then they may need to go further in order to insure that they have it all cleaned up before buying a house or going for AMEX or whatever of the hardest to get. If we don't get some organization into the whole mess, then we might very well end up like chicken little. comments please
Re: A real can of worms Marie, I ran into the same problem as you, but I have four tiers for some reason. Tier 1 (the majority of accounts) - Belk, Discover, Hechts, Lord & Taylor, Victoria's Secret, First Financial Bank, Associates, Citifinancial, my personal bank, Fleet, MBNA, Wachovia Tier 2 - JcPenneys, Helig Meyers Tier 3 - Nordstroms (authorized user) Tier 4 - Comp USA and Best Buy (both Household Bank) I wonder if being an authorized user makes a difference on the tiers? I pulled this information off the credit report that my mortgage broker pulled last week. Dani
Re: A real can of worms Oops, left out the first page. Tier 1 - Amex, Kay Jewelers Tier 2 - our credit union (this one has me confused) That's it. Dani
Re: Hope Never heard of them, but you can bet we'll all be hearing more about these new kids on the block. (Well, "New" to us anyway.)
Re: A real can of worms does anyone know more about the tiering of credit issuers? Specifically, a listing of which banks are on which tiers. It seems quite arbitrary that Lord & Taylor is tier 1 and Nordstrom is Tier 3??? What with both being issued by their own banks. Would any household bank card be at the bottom?Maybe I shouldn't have got that orchard card. Just when you think you are starting to figure things out it gets more confusing -scott
Re: A real can of worms I'm confused!!! Why the heck would Belk be tier 1, while Nordstrom is tier 3????
Re: A real can of worms making, I think Nordstrom's is a tier 1 as long as you are the original card holder. I was an authorized user for this card which makes me think that AUs (or cards used by AUs) are considered to be on the third tier. Why? I don't know. What upsets me is the role that finance companies play in lowering our scores. I wonder how big of a difference it makes and why Fair Issac looks on it so unfavorably? Dani
Re: A real can of worms Hope, It seems that major credit card companies and retail store cards (as long as they are not owned by finance companies) all are rated as Tier 1. It seems to me that being an authorized user hurts you. But, I can't figure this out. Maybe because the debt is not yours? Dani
Re: A real can of worms Sounds like you better be a JOINT card holder, or don't bother...IF IT HURTS TO BE AN AU...
Listed under Innovis products and services, they offer products "that provide an opportunity for pre-approved solicitations", the products are continually updated to provide fresh responsive names targeted to your needs" Fail Safe - A national data base of consumers with unfavorable current or past credit histories. New Movers - A list of consumers who have reported a change of address Just thought this was interesting tml
Re: A real can of worms It doesn't hurt you to be an AU. It's just that (for mortgage purposes) it may not help you AS MUCh as if you were the primary cardholder. The lender's thinking is, "Good! Someone trusts you enough to borrow on their credit-however you did nothing (creditwise) to earn the right. The burden of both payment and credit-worthiness is solely on the primary cardholder. You're just an invited guess."
Re: A real can of worms The gentleman I spoke with is a mortgage broker. I really picked his brain and everything he said coincided with what I've learned. His advice is experiential so I cannot speak to the absolute veracity of his info. I did have an interesting Sunday. Found out someone I know used to work in the San Fran Fair Isaac office. Heard some interesting tidbits. Fico can change hourly depending on variables. It's tied to cost and risk of credit (so outside variables also affect us). They have different depts working on "sections" of the formula but not working together on it. He said the formula is SO complex that it's amazing and he advised me not to get too hung up on understanding it. We have basic info as to what drives it.. which is more knowledge than most have and let's fact it, as long as you're getting what you want from your credit you're fine. The score increase info is for a quick increase if you need it (eg: mortgage approval). I think it also just reconfirms that if you have perfect credit but lots of it you'll drive down your score some... but again, what does it matter as long as you are able to qualify for what you want in your life. I test information I get before I say it's true. Oh, as for Fleet, isn't there a Fleet Financial. Perhaps that's what he was referring to. Anyway, glad the info was food for thought.
