Everyone who has looked at their credit knows there are three major credit reporting bureaus but did you know there is a fourth credit reporting bureau? It is important to know about Innovis because more companies are using them to pull credit reports
Innovis is a credit reporting agency in Columbus, Ohio and is considered the 4th Credit Reporting Agency or CRA. Not only will you need to know about them if you are denied credit but also if you are concerned about identity theft. They collect similar information like the “big three” credit reporting agencies and some lenders use them for credit decisions and debt recovery.
If you are concerned about identity theft you will want to consider placing a credit freeze with Innovis.
Is Innovis A Major Credit Reporting Agency?
Innovis is certainly not as large as Equifax, Transunion or Experian. But in recent years they have grown in market share when it comes to collecting data and credit information about consumers. Innovis is owned by CBC Corporation and it’s headquarters are in Ohio.
You may see an inquiry on your credit report from the big three that is from InnovisCBC.
Innovis does not sell credit reports like the other CRAs. They collect information, according to their website, to improve customer relationships with the businesses they serve.
Here is a direct quote from their website.
Manage the complex and fast-changing relationship between you and your customers with our highly responsive tools designed for today’s data-dependent businesses.
What does this mean for you? Well if you have an existing relationship with a business then that business will use the information collected from Innovis to make decisions on how they deal with you. Often, it is so the business can offer additional credit products.
Innovis may also help businesses to be notified of fraud on a customer’s account. It really is fraud protection for both you and the business.
Innovis has a direct phone number for businesses to call and verify information about the consumer to prevent fraud.
In addition, the business owner will have information that Innovis has collected on you, such as name and address verification. This helps businesses who are trying to recover bad debts as well.
Is An Innovis Credit Report Free?
Yes, absolutely! Innovis falls under the Fair Credit Reporting Act so you can have access to your information in their credit file one time per year to check for errors. You can request your report through an online form, phone or regular mail.
Your Innovis Credit Report will show your usual personal information as well as some of your credit accounts. It will also show you the companies that have viewed your credit through Innovis.
Does Innovis Have A Credit Score?
No. Innovis does not provide a credit score to gauge your reputation with them. They only offer your information to the companies that use them. The three larger reporting bureaus offer a VantageScore or FICO score with your credit reports.
How Do I Freeze My Innovis Credit Report?
Innovis offers the same fraud and identity protection as the other credit bureaus. You can freeze your account simply by going to the website. There is an online form, a phone number or an address to handle your request with Innovis. Once you have verified your information you can stop most companies from accessing your credit report from Innovis.
You can also opt-in/opt-out from any offers from credit or insurance companies that were not initiated by you. This is important because often these offers will come in the mail where fraudsters often get their information from.
What is Innovis CBC On My Credit Report?
InnovisCBC will show up on your credit report when they check your credit from the major reporting bureaus. If you applied for credit or insurance through one of the companies that have contracted with Innovis then Innovis will also check your credit. It is not something to be concerned with since various companies you work with might be periodically checking your credit.
What Should You Do Next?
The bottom line is that Innovis can be used by a company that is looking to make a decision about their relationship with them. You do not want to be overly concerned with Innovis, however, checking up on them once in a while is a good idea to make sure their information is accurate.
If you are a victim of identity theft or are concerned about identity theft then you will definitely want to reach out and place a freeze on your Innovis file.
If you are an active military it is also a good idea to let them know about that as well. There are certain credit collection laws that protect the military while they are on active duty.
If you do find inaccurate information is being reported by Innovis then you can file a dispute just like any other CRA.
- The following ways to initiate a dispute
- Online: Through your Innovis Personal Account
- Phone: 1-800-540-2505
- Mail: Complete the Investigation Request by Mail form
- Walk-in: 875 Greentree Road, 8 Parkway Center, Pittsburgh, PA 15220
- Mailing address: PO Box 1640, Pittsburgh, PA 15230-1640
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