The "Secret" Fourth Credit Bureau

Did you know there was another credit agency... I didn't... check this out....

Secret Credit Bureau Revealed

A fourth major credit bureau, Innovis/CBC, sometimes called the "secret credit bureau," has emerged. No longer is it enough for consumers to monitor their credit files with the "big three" credit bureaus, Equifax, Experian and TransUnion. Now consumers have to deal with Innovis/CBC, and dealing with them is not easy. Innovis/CBC is hard to find and consumers report Innovis/CBC is reluctant to provide information from its files.
Innovis/CBC is covered by the federal Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transactions Act (FACT Act). These laws require Innovis/CBC to provide residents of Western and Midwestern States a free annual copy of their credit report and to provide consumers nationwide a free copy if they have been denied credit on the basis of the contents of the report, are unemployed and plan to seek a job, are on welfare, or believe the file has inaccurate information as a result of fraud.
Comparing Innovis/CBC's consumer web site to the requirements of these laws reinforces the "secret credit bureau" label. The web site neither mentions the right of consumers in Western and Midwestern States to a free credit report (the right will be phased in nationwide by the end of 2005), nor does it mention the other reasons for getting a free report under federal law. And while the "big three" credit bureaus let consumers request their free reports by phone, Internet or mail, Innovis/CBC makes consumers compose their own letter and include a photocopy of their license or utility bill. Innovis/CBC does provide a toll free number, 1-800-540-2505, but the recorded message simply repeats the information found on the web site and tells consumers to request the credit report in writing. Read more here...