Target 5: 'Stealth' Credit Report Could Hinder Consumers
Protecting Credit Record Vital To Buyers
POSTED: 5:10 p.m. CST January 22, 2003
UPDATED: 5:31 p.m. CST January 22, 2003
CHICAGO -- The powerful piece of paper called your credit report can help you or haunt you.
Target 5's Lisa Parker said that, for most consumers, protecting that financial record is vital. But, that task has just became more difficult.
There is a new player in the market of tracking down your credit. It's a credit bureau that is not a household name; "not by a longshot," Parker said.
But, it's a company that's got the key to personal information and is a name everyone needs to know, according to Parker.
Ruth Odom was in the market for a car and wanted to safeguard her credit, Parker said.
A check with the big three credit bureaus -- Experian, Trans Union and Equifax -- found no problems with her credit. But, Odom found one more bureau lurking that she'd never heard of.
"Have you heard of Innovis?" Parker asked.
"No, I have not," Odom said.
"Innovis is just the latest and greatest upcoming credit bureau," said Kristy Welsh (pictured, left), author of "Good Credit Is Sexy."
Welsh wrote a book on consumer credit and said Innovis appeared on the scene a few years ago, but just recently became a major player dealing in the kind of personal information found in a credit report.
"Bankruptcies show up, foreclosures, credit cards, those kinds of things," Welsh said.
According to Parker, Innovis collects information but, unlike the other agencies, doesn't sell it to car loan companies, mortgage lenders, or potential employers. Instead, it sells to creditors who compile mailing lists for things like charge cards.
Negative information on an Innovis report could prevent a consumer from getting favorable credit offers.
"They do maintain credit information about consumers, and consumers do have a right to see those reports and correct any errors," said Joel Winston of the Federal Trade Commission.
"After all," said Parker, "like any credit bureau, mistakes can happen."
But while the big three offer credit histories online for consumers to check, Innovis doesn't have a link, a phone number, or any information about how to get in touch with the company.
"They're kind of moving by stealth in my opinion. They're not broadcasting that they're around, they're not broadcasting where you can get your credit report (or) how you can get your credit report," Welsh said.
In the meantime, car buyer Odom said, "It would be interesting to check them out."
There is a new player in the market of tracking down your credit. It's a credit bureau that is not a household name; "not by a longshot," Parker said.
But, it's a company that's got the key to personal information and is a name everyone needs to know, according to Parker.
Ruth Odom was in the market for a car and wanted to safeguard her credit, Parker said.
A check with the big three credit bureaus -- Experian, Trans Union and Equifax -- found no problems with her credit. But, Odom found one more bureau lurking that she'd never heard of.
"Have you heard of Innovis?" Parker asked.
"No, I have not," Odom said.
"Innovis is just the latest and greatest upcoming credit bureau," said Kristy Welsh (pictured, left), author of "Good Credit Is Sexy."
Welsh wrote a book on consumer credit and said Innovis appeared on the scene a few years ago, but just recently became a major player dealing in the kind of personal information found in a credit report.
"Bankruptcies show up, foreclosures, credit cards, those kinds of things," Welsh said.
According to Parker, Innovis collects information but, unlike the other agencies, doesn't sell it to car loan companies, mortgage lenders, or potential employers. Instead, it sells to creditors who compile mailing lists for things like charge cards.
Negative information on an Innovis report could prevent a consumer from getting favorable credit offers.
"They do maintain credit information about consumers, and consumers do have a right to see those reports and correct any errors," said Joel Winston of the Federal Trade Commission.
"After all," said Parker, "like any credit bureau, mistakes can happen."
But while the big three offer credit histories online for consumers to check, Innovis doesn't have a link, a phone number, or any information about how to get in touch with the company.
"They're kind of moving by stealth in my opinion. They're not broadcasting that they're around, they're not broadcasting where you can get your credit report (or) how you can get your credit report," Welsh said.
In the meantime, car buyer Odom said, "It would be interesting to check them out."
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