Some of the Lesser Known Evils

[SmartCookie]

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hifiko wrote:
Smart Cookie...No psychological damage intended...Hope you are ok. Keep "smiling"...

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Ahh I'm fine.  Takes a lot to break me <twitch>.   

[Anonymous]

Still more LKEs.

http://www.ftc.gov/opa/2007/09/ingenixmilliman.shtm

For Release: September 17, 2007
Providers of Consumers’ Medical Profiles Agree to Comply with Fair Credit Reporting Act

Two providers of consumers’ medical profiles used in determining eligibility for life and health insurance have agreed to settle Federal Trade Commission charges that, as consumer reporting agencies (CRAs), they failed to provide insurance companies with the Notice to Users of Consumer Reports required by the Fair Credit Reporting Act (FCRA).
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The proposed respondents, Ingenix, Inc. and Milliman, Inc., provide individual medical profiles, including prescription drug purchase histories of insurance policy applicants, to insurance companies that use them in making underwriting decisions. With applicants’ consent, Ingenix and Milliman obtain five-year prescription drug histories from Pharmacy Benefit Mangers and create prescription medical profiles. Based on their analysis of the information, they report potential medical conditions that may be present.
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[Dawn]

Noah ... thank you for providing yet another valuable source of information. 

I wonder if it would be possible to edit (and maintain updates to) the original post to include additions and have it "stickied" with a more recognizable title ... maybe "Lesser Known CRAs?" 

I don't know what the best subject title option would be to make it easily accessible on a search ... but it certainly is worth keeping readily available.  Maybe the "sticky" option would be the best one so searches wouldn't be that important.

I almost didn't even read this one because I sometimes skim through titles of posts to select those that I think might be relevant to me.  I would hate for anyone to overlook this information.

.

[Anonymous]

The list of LKEs grows.

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&thread.id=1440

[Anonymous]

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@Anonymous wrote:
I think all this will only stop when the records of the politicians and wealthy elite are hacked and displayed for everyone to see.

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Hmmm ... is that a request? I know more than my fair share of hackers, you know.

What would you like to be? And how many summer homes in Cape Cod would you like to own?

[Anonymous]

Great post Noah. Thanks for the info.

[Anonymous]

How long do these places keep your info?  Is it the standard 5-7 years or longer?  Thanks so much!

[Anonymous]

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@Anonymous wrote:
How long do these places keep your info?  Is it the standard 5-7 years or longer?  Thanks so much!

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The standard is 7 years on most items, and up to 10 years on others.

However, the FCRA and other regulations allow for lenders considering amounts above $150,000 or employer's considering potential employee's with a salary above $75,000 to obtain information going back further, and apparently without any particular time limits.

I'm not sure if this means the CRA's maintain an "archive" of older information and can make that available to qualified requests for historical data, or what, but just be aware that the law allows some lenders and employers access to information beyond the traditional 7-10 year credit/public record info.

Furthermore, public records can be pulled forever through public record databases, which means your BK, judgements, liens, etc. are available forever and a day. 

[Anonymous]

The LKEs have to comply with the FCRA just like the Big Three.

An LKE is a §603(w) nationwide specialty consumer reporting agency while the Big Three are each a §603(p) consumer reporting agency.

Interestingly enough, one of the LKEs just settled for $100K because they violated the FCRA.

http://www.ftc.gov/os/statutes/fcrajump.shtm

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre30.pdf

http://www.ftc.gov/opa/2010/02/saferent.shtm

[Anonymous]

Badcustomer.com that I discovered only just today right here on MyFico Forums.

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&thread.id=5810