Most everyone is familiar with the three major Credit Reporting Agencies (CRAs): Experian, TransUnion, and Equifax.
These three are considered the major nationwide providers of credit reports and credit information. The BIG THREE CRAs contain information about your payment history, credit limits, credit usage, credit inquiries, and other personal credit information.
But There Are More:
In fact, there are well over 300 Credit Reporting Agencies (CRAs) in the United States.
Though all CRAs are important, there are FOUR CRAs that I feel need your attention:
Innovis Data Solutions: This consumer Credit Reporting Agency collects and provides similar credit information as the big three CRAs. The big difference is that Innovis does not offer a credit score, however, many creditors do rely on this CRA to pre-screen consumer’s credit reports so as to offer pre-approved credit cards and loans. If you have poor credit you won’t receive any pre-approved credit offers.
Clarity Services (Owned by Experian): This CRA emphasizes on collecting credit information on lower-income and the sub-prime consumer credit market such as payday loans, check cashing services, rent-to-own, installment loans, financial services, auto loans and leasing, telecommunications (new accounts).
NCTU (National Telecom & Utilities Exchange): This CRA records all records of consumer services such as Pay TV and utility accounts.
LexisNexis: Sources information from public records, real estate transactions and ownership data, liens, judgments, and bankruptcy records, professional license information, historical addresses, and collects driving behavior data for auto insurance purposes.
Most, if not all, Credit Reporting Agencies, though competitors, share credit information, therefore, many will contain the same credit information on consumer credit history reports.
Where some CRAs differ, just a little, is their particular market and geographical focus.
Out of the over 300 CRAs, some will focus on different segments of the markets and different segments of the country, while others will focus on the entirety of the markets and the entirety of the United States, and a few will include global records.
Market Segments Include:
- Employment Screening
- Tenant Screening
- Bank Deposit Accounts
- Payments Screening
- Personal Property Insurance
- Medical Claims
- Low-Income and Subprime Lending
- Credit and Fraud Risk
- Telecommunications and Utilities
- Retail
- Gaming and Sports Betting (Yes, even gamblers get checked)
Though it may be daunting to request and check all 300+ Plus Credit Reporting Agencies, it is usually not necessary. You should focus on the three major CRAs, and the others listed above.
Thereafter, if you feel that a certain market segment applies to you, search for Credit Reporting Agencies in that segment and request your credit information as you would with the big three CRAs.
Keep in mind that some CRAs may not adhere to the Fair Credit Reporting Act as their market is obscure or the size of their market is not large enough.
Again, most consumers should start by focusing on the three national CRAs, Experian, TransUnion, and Equifax. If further credit information is warranted, then go deeper.
