The 4th Major Credit Bureau You Probably Overlooked

A fourth credit bureau exists. Did you know that there are more than three credit reporting agencies in the United States?

Of course, we’ve all heard of Equifax, Experian, and TransUnion. Interestingly, there is a fourth credit bureau called Innovis that is both well-established and has a significant database of consumer information. Here is a brief overview of those three major players, what you should know about this fourth credit bureau, and a few additional steps to take if you are impacted by a data breach at any time.

Some credit monitoring systems will help you keep track of your credit score, set up your accounts, and run a full credit check through the major bureaus.

The Three Major and The Fourth Credit Bureau

A credit bureau is an agency that collects and maintains consumer credit information for resale to businesses on an official credit report. Most people are familiar with the big three credit bureaus—Equifax, Experian, and TransUnion. Each is a publicly-traded for-profit company that is subject to some regulations by the government’s Fair Credit Reporting Act.

There is a common misconception among consumers that credit reports and scores from these three agencies are the same, which isn’t necessarily the case. In fact, there may be discrepancies among the reports, mistakes that could impact credit and even data breaches that endanger your personal information.

How Many Credit Reporting Agencies Are There?

You’re probably familiar with the three main credit reporting agencies: Experian, Equifax, and TransUnion. Did you know there are actually six agencies? The additional four agencies are PRBC, SageStream, Advanced Resolution Service (ARS), and Innovis.

While there are a total of six official consumer credit reporting agencies, only four are widely used. Innovis is the fourth agency used in addition to the main three.

Although Innovis has yet to become a household name, they’ve gained serious traction as a reliable credit reporting agency in the last few years. Many lenders are using Innovis to check applicant credit histories and if you haven’t heard of this reporting agency, there’s much to learn.

The Little-Known Fourth Credit Bureau: Innovis

In addition to the three major credit bureaus, there is a fourth credit agency that many haven’t heard of called Innovis. This is a company founded in 1970 under the name “Associate Credit Bureaus (ACB)” and given its current name in 1997. You can do a credit check with Innovis and receive a copy of their credit report, but that isn’t their primary service. For the most part, Innovis deals directly with businesses to authenticate consumer data, sometimes for use in pre-approved credit and insurance offers. One thing that Innovis doesn’t provide that the other credit bureaus do is a credit score.

If you request your Innovis credit report, there’s a good chance you’ll find it less complete than the reports from the other major players. Some discover that Innovis reports have detailed information about mortgages but are light on revolving credit, employment, and payment history. Depending on your situation and credit needs, you may want to check this credit file, monitor it, and even request an alert with the company.

Why Should You Care About Your Innovis Credit Report?

With the three major credit reporting agencies taking the lead, it seems pointless to worry about another, lesser known agency. After all, if most lenders aren’t using Innovis, why should you worry about them?

The truth is, more lenders are turning to Innovis because the company has a strong track record in the industry. For instance, Innovis has been helping businesses since 1970 and provides several important services like authentication, identity verification, fraud prevention, and credit reports.

When compared to the three main credit reporting agencies, Innovis provides similar services to consumers  like fraud alerts, dispute resolutions, and security freezes. An Innovis credit report is also similar to what you’ll find from the bigger bureaus. 

Just like the three main agencies, what’s on your credit report can vary. However, the main difference is that Innovis doesn’t provide a credit score. So, what do lenders use Innovis credit reports for? 

How Lenders Use Innovis

Innovis credit reports are generally used to verify identity or prevent fraud as part of a pre-screening measure. Final lending decisions are made according to a combination of your credit history with the other bureaus, your credit score, and Innovis combined. 

How to Get Your Innovis Credit Report

To get a copy of your Innovis credit report, call the company at 1-800-540-2505 or request a copy by mail at the following address:

P.O. Box 1689. Pittsburgh, PA 15230-1689

Like the three main bureaus, Innovis is required by federal law to provide you with a free credit report every 12 months. 

The Equifax Data Breach Back in 2017

When news of one of the largest data breaches in U.S. history hit in September 2017, a shock wave could be felt across the country. More than 145.5 million Americans were victims of Equifax’s breach, which they failed to disclose despite knowing about the issue for several months. Some credit experts recommend that those affected place an alert on their credit files with the three major bureaus. One expert, however, also recommends notifying Innovis.

Consumer group U.S. Pirg told the Chicago Tribune that requesting an alert with Innovis could also be a good idea. Because the agency deals primarily with creditors who send pre-approved offers, there is the danger of identity thieves raiding mailboxes for this information. In addition to alerting Innovis, you can also opt out of these offers for a five-year period or permanently.

Keeping track of your credit can be cumbersome and time-consuming. The good news is there is a reputable and affordable credit monitoring program that can take the guesswork out of protecting your financial data.

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