Specialized Credit Reporting AgencyCredit Repair Definition
Agencies that collect specific types of consumer information beyond traditional credit data, used for employment, tenant screening, insurance, etc.
Definition
Specialized credit reporting agencies (or specialty consumer reporting agencies) are companies that collect and report specific types of consumer information, often focusing on areas beyond traditional credit history tracked by the main bureaus (Equifax, Experian, TransUnion). These agencies compile data related to employment history, residential or tenant history (evictions, rental payments), check-writing history, insurance claims history, or medical records/payments. This information is then sold to businesses like employers (for background checks), landlords (for tenant screening), insurance companies (for underwriting and pricing), banks (for checking account applications), and healthcare providers. Like the major credit bureaus, these specialized agencies are regulated under the Fair Credit Reporting Act (FCRA), giving consumers rights to access and dispute information in their reports.
Frequently Asked Questions
What are examples of specialized credit reporting agencies?
Examples include: tenant screening services (e.g., CoreLogic Rental Property Solutions), employment screening companies (e.g., HireRight, Sterling), check verification services (e.g., ChexSystems, TeleCheck), insurance reporting agencies (e.g., CLUE - Comprehensive Loss Underwriting Exchange for auto/property claims), and medical information bureaus (e.g., MIB Group for life/health insurance applications).
Do I have the right to see reports from specialized agencies?
Yes. Under the FCRA, you have the right to request a free report annually from nationwide specialty consumer reporting agencies (like ChexSystems or MIB). You also have the right to a free report if you've experienced an adverse action (like being denied housing, employment, or insurance) based on information in their report.
Can I dispute errors in reports from specialized agencies?
Yes. Just like with the major credit bureaus, the FCRA gives you the right to dispute inaccurate or incomplete information in reports from specialized agencies. The agency must investigate your dispute, typically within 30 days, and correct or remove unverifiable information.
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