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Barry Menser
IMPORTANCE OF UNDERSTANDING CONSUMER REPORTING AGENCIES
By Barry Menser, Financial Adviser C.F.P.
Welcome to the World of Financial Education and Consumer Reporting Resources
PART 2 of 3
In the first article, information was shared about the Fair Credit Reporting Act and the right to obtain a free annual credit
report from each of the three major credit bureaus, Trans Union, Equifax, and Experian. It also highlighted the basic financial
information that the credit bureaus provide.
In Part 2 will continue to disclose additional consumer categories and how they impact our daily lives.
Below are some examples of companies that fall into the additional consumer categories. This list is not meant to be a
complete listing of companies, but it does provide samples. They are as follows:
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Employment Screening- American Data Bank and Intelli Corp.
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Tenant Screening-Contemporary Information Corp (CIC) and Core Logic Safe Rent.
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Check and Bank Screening-Chex Systems and Tele Check Services.
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Personal Property Insurance-C.L.U.E. Inc. (Personal Property & Auto Reports and Drivers History.
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Medical-MIB, Inc. and Milliman Intelli Script.
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Low-income and Subprime-Clarity Services and Factor Trust.
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Supplementary Reports-Core Logic Credco and LexisNexis Risk Solutions.
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Utilities-National Consumer Telecom & Utilities Exchange.
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Retail-The Retail Equation.
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Gaming-Certegy Gaming Services.
The above list only goes to show how your credit impacts your daily life. It is the pulse for your financial essence. Your
character is based on this report whether you are looking for a job, renting, buying insurance, etc. This document is designed
to provide a brief summary and sample of some of the information that was collected, packaged, and sold about your financial
practices.
We, as consumers, are often unaware of the actions we take, and may think these actions have little meaning or impact upon
our lives. By better understanding the reporting process, the spotlight under which we operate and live, the MVET team of
business coaches can provide you with insight into the financial world that you often only have small knowledge or
understanding. You are on the right track to obtaining the knowledge to reach your financial goals.
Consumer reporting companies include:
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Employment screening.
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Tenant screening.
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Check and bank screening.
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Personal property insurance.
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Medical.
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Low-income and subprime.
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Supplementary Reports.
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Utilities.