You likely know the importance of checking your credit report regularly, but did you know that there are other consumer reports that share your information as well? Consumer reports can impact your ability to open a back account, rent an apartment, get a job, and more. For this reason, it’s important for you to understand what information is in your consumer reports, and what to do if there are any inaccuracies.
Here are six consumer reports you should be aware of:
1. Bank Account Screening Reports. When you apply for a new bank account there is a good chance that the financial institution will utilize an account screening report to evaluate your banking history. These reports include information about unpaid bank fees, overdrafts, and other types of account abuse. Bank account screening companies include ChexSystems, TeleCheck, and Early Warning Services. You can request a free copy of your report once every 12 months from each of these agencies. If you find any errors in your reports, you can submit a dispute directly with the agency. Dispute instructions are available at chexsystems.com/dispute, getassistance.telecheck.com/information-dispute, and earlywarning.com/consumer-information.
2. Auto & Home Insurance History Reports. Most homeowners insurance and auto insurance companies use consumer reports to determine your insurance rates. These reports typically document any insurance claims you’ve made within the past seven years. Two such reports are the CLUE report from LexisNexis, and the A-PLUS report from Verisk. You are entitled to a free copy of both of these reports once every 12 months. You can request your CLUE report at consumer.risk.lexisnexis.com/consumer and your A-PLUS report at fcra.verisk.com.
3. Medical Information Bureau Report. Like homeowners insurance and auto insurance providers, health insurance and life insurance companies utilize consumer reporting as well. The Medical Information Bureau report, also known as the MIB report, outlines medical information such as your previously diagnosed conditions, family health history, and your self-reported alcohol and drug use. Underwriters use these reports to verify the information you provide on insurance applications and can influence your eligibility and cost of insurance. You can request a free copy of your MIB report at mib.com/request_your_record.html.
4. Tenant Screening Reports. Many landlords utilize tenant screening reports to determine the potential risk involved with renting an apartment to someone. These reports provide information such as rental and payment history, creditworthiness, criminal records, and past evictions. There are numerous tenant screening companies out there, and while it can be impossible to know which one your landlord may use, they typically compile their information from the same sources. Because of this, reviewing a few of your tenant screening reports should give you an idea of what kind of information your landlord will likely be looking at. You can request a copy of your tenant screening report from companies such as First Advantage, SmartMove, and RentPrep, but it’s important to note that unlike some other consumer reports, you will be charged a fee for these reports.
5. Employment History Report. An employment history report includes information about your work history, such as your dates of employment, job titles, and reasons for leaving past jobs. Employers can use these reports to verify your qualifications before a hiring decision is made. If you are actively looking for a job, or plan to soon, you should review your employment history report to make sure it is accurate. The Work Number, which is operated by consumer reporting agency Equifax, is a popular employment history provider. You can request a copy of your Employment Data Report from The Work Number at employees.theworknumber.com/employment-data-report.
6. Utility Company Data Reports. The National Consumer Telecom & Utilities Exchange (NCTUE) maintains consumer data from utility service providers such as phone, cable, electricity, and gas companies. This report contains information about your past utility accounts and payment history. If there is negative information in your report, it’s possible for you to be denied service, or for you to have to pay a deposit before service is rendered. You can request a free copy of your NCTUE report once every 12 months at nctue.com/consumer.
Although your credit report is unquestionably significant, it is important to remember that it’s only one of many consumer reports that have the potential to impact your life. By taking some time to review your various consumer reports, you can verify the accuracy of them and make changes to your consumer behaviors as necessary to help improve your overall financial wellbeing.