Review Your Specialty Reports

Posted on July 16 By MLP Blog

Did you know that there's a database out there that collects information about ever personal check you've ever written? Whether it bounced or was cashed without incident, ChexSystems knows about it. If it overdrew your account, ChexSystems knows about it. If you ever filed an insurance claim on your home or apartment, ChoicePoint's CLUE system knows about that too. Welcome to specialty consumer reports!

When the Fair Credit and Reporting Act was passed, it gave consumers the right to review any report collected by a "consumer reporting agency." For many, this mean the credit bureaus Experian, Equifax, and TransUnion. That's why you can get a free copy of your credit report at annualcreditreport.com every twelve months. However, it wasn't until 1999 that the FTC issued an opinion that included companies like ChexSystems and ChoicePoint into the rules.

So, you should be reviewing both your specialty reports and your regular credit reports on a regularly basis to ensure that they are accurate and correct. If you don't, there could be some negative consequences for you!

So what should you check?

  • LexisNexis's ChoicePoint system: Request your Full File Disclosure, which will contain insurance information (aforementioned CLUE reports), employment background checks, criminal records, and renatl history.
  • LexisNexis Accurint Person Report: Contains a ton of information, including voter registration, possible associates, property owned, etc.
  • ChexSystems: Request your Consumer Report, whichincludes check cashing information, such as any records of NSF fees and bounced checks. Here is a sample ChexSystems Consumer Report.
  • ISO A-PLUS loss-history report: This report has information about your insurance claims.
  • Medical Information Bureau: They collect medical and prescription drug history, you can look at it by filing a request at their website.

So remember, check your credit reports, your FICO credit score, and your specialty reports!

Jim is the editor of personal finance blog Bargaineering.com and writes about money issues from budgeting to investing, from credit cards to banking. To learn more, check out Bargaineering or follow Jim on Twitter.

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