Who is Innovis? Are They A Fourth Credit Bureau?
I have often referred to the three national credit reporting agencies (CRAs): Equifax, Experian and TransUnion. Are you aware that there is a fourth? It is “Innovis” aka CBCInnovis?
Innovis is headquartered in Columbus, Ohio and owned by CBC Companies. It sells businesses services to “improve customer relationships” such as authentication, preventing ID fraud, and better understanding and managing current customers.
Innovis receives credit information from credit grantors but not from all sources reporting to the big three credit reporting agencies. It does not sell credit reports for credit granting purposes and does not offer a credit score; as much is stated on their website. They also sell pre-approved lists of consumers for offers of credit and insurance.
What is in my Innovis Credit Report?
A co-worker of mine recently requested her Innovis credit report. The report included personal information and account information. The personal information includes: name, also known as (AKA) names such as maiden name, current and former addresses, and current and former phone numbers. The account information included: source of information (company) and contact information (address and phone), account number, account type, date opened, date of last payment, past due amount, credit limit, high credit, balance, terms, scheduled payment, actual payment and account details. The account details section contained information such as: account closed and date, lost or stolen, last date updated, and rating such as “never past due”. This section must be an all inclusive one.
Mortgages were included in the report, even several closed ones from ten years ago. In fact, most of the credit data on MY Innovis report was mortgage related data.
What wasn’t in it?
The report was incomplete and did not contain all of the accounts on her big three credit reports, such as her American Express and retail co-branded Visa and MasterCard accounts. No businesses had reviewed her credit report for anything such as credit extensions, new applications, monitoring present accounts or screening for pre-approved credit offers, insurance, or employment (inquiries). This confirms that businesses are not buying consumer credit information from Innovis. The personal information did not include a section for employment or employer. There was no historical payment history information such as dates past due, how many times past due or highest amount past due. Originally Innovis was going to be the negative bureau and only report negative credit information such as past due accounts. Since she didn’t have any collections or public records, I can’t verify if this information is present or not on other Innovis reports.
Request credit file
Consumers can request a copy of their credit report from Innovis by phone or mail. They aren’t included with the FCRA free credit reports but may be covered by some state laws for a free report. The phone number is 1-800-540-2505. The address to request by mail is:
Attn: Consumer Assistance
P.O. Box 1689
Pittsburgh, PA 15230-1689
You are entitled to dispute the information on the Innovis credit report and freeze your credit report by calling 1-800-540-2505. You can opt out from credit offers from Innovis at 1-888-567-8688.
Since Innovis does not sell credit reports, you don’t need to be concerned about businesses making credit decisions about you based on their data. However, you still need to be concerned about the data they house about you and its accuracy. Businesses could be using this information to manage their current relationship with you, such as what’s in your wallet, how you use credit, how you pay bills, how much of your credit you use and for the purposes of pre-approved offers of credit and insurance. They use this for cross-sell and up sell purposes. If you can get this report for free, why not order it?
John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a Contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. Follow him on Twitter here.