|
The Credit Report You've Never Heard Of - The Fourth Crediit Bureau
by: Michael Saunders You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services.
They all make the same claims:
* “Credit problems? No problem!”
* “We can erase your bad credit — 100% guaranteed.”
* “Create a new credit identity — legally.”
* “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
Do yourself a favor and save some money, too. Don’t believe these promises. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report. Did you know that there's a fourth credit bureau of considerable influence in this country? The company is called Innovis, and you might want to contact Innovis and find out what information this company is reporting about you.
As recently as 2003, Innovis denied that it was actually in the credit-reporting business. There are numerous published reports in which the company flat-out denied that the information it gathers or sells about consumers could be used by creditors for the purpose of extending credit. Shortly thereafter, consumer advocates - like the Public Interest Research Group (PIRG) - starting insisting that Innovis was in fact a credit bureau and should have to abide by the same rules as other credit agencies.
After some outside pressure and scrutiny, Innovis now acknowledges that it is, indeed a credit reporting agency. According to published reports, Innovis primarily collects negative information about consumers: things like late payments, judgments, bankruptcies, collection accounts, repossessions, and so forth. That information is then sold to banks and other financial institutions. Well, if you do get credit offers, you certainly want them to be the best ones available, like low interest rate balance transfers, for instance.
************************************ (continued...)
The Credit Report You've Never Heard Of - The Fourth Crediit Bureau
Page 2
|
