topic Re: Innovis?????????/ in General Credit Topics

Innovis?????????/

blaksun333 — Wed, 21 Apr 2010 16:30:14 GMT

I was reading into the OptOut website at https://www.optoutprescreen.com/ when I saw Innovis.... Is this a new CRA?

Re: Innovis?????????/

Anonymous — Wed, 21 Apr 2010 16:36:18 GMT

They are not one of the 3 main CRAs.

There a many who consider themselves a CRA.

Re: Innovis?????????/

smallfry — Wed, 21 Apr 2010 20:47:50 GMT

Innovis is growing but it is still not considered a major CRA. Some claim it will be important down the road. Get your report for free and have a look at it. Mine listed less than 25% of the tradelines that my other reports contained. So I think it's a joke.

Re: Innovis?????????/

fused — Wed, 21 Apr 2010 21:06:34 GMT

@smallfry wrote:

Innovis is growing but it is still not considered a major CRA. Some claim it will be important down the road. Get your report for free and have a look at it. Mine listed less than 25% of the tradelines that my other reports contained. So I think it's a joke.

My Innovis report had only two trade lines, a closed auto loan and my open FIA CC. You're right its a joke, creditors don't even think much of Innovis.

Re: Innovis?????????/

RobertEG — Fri, 23 Apr 2010 06:49:43 GMT

Innovis IS clearly a well-recognized and legitimate CRA.

Standards for all credit reporting to the major CRAs are established by a joint CRA-team called the "Metro 2 Task Force," which has representation by only the four major CRAs namely, Equix, Experian, Transunion, and Innovis. The purported "Big-Three" have included Innovis in their confederaton,. Together,they, along with the administrative support from their contractor, the trade association named Consumer Data Industry Association (CDIA), delop and publish the reporting manual that each CRA sets forth as requirements for those providing information. This reporting manual is titled the Credit Reporting Resorces Guide ((c), CDIA).

Innovis may not be used as the source of data upon which most creditors request FICO scores, but it is a well established and recognized national CRA that has an active role in , at least, development of credit reporting standards. The problem with the smallest of the "big four" is that the data upon which they base their scoring is only as good as the data that is reported to them. Many creditors dont report to Innovis, making their scoring a bit suspect and weak, leading many creditors to thus not rely on Innovis as the basis for securing credit scores.

My only point is that they are not a fly-by-night CRA.

They are a major player.

Re: Innovis?????????/

ALP — Fri, 23 Apr 2010 12:23:11 GMT

I requested a copy of my Innovis report after discovering many mortgage companies are now checking this CRA. To my surprise a good many of my accounts appeared on Innovis, including Cap1, my GEMB cards, my car loan (through BMW Fin) and my old car loan (through Ford Motor Credit). An even bigger surprise was seeing PR and AR softs on this report.

I know of at least one store card that checks Innovis when applying, which is Kohls. Definitely request a copy of your report if you are considering a mortgage.

Re: Innovis?????????/

xchap — Fri, 23 Apr 2010 13:23:04 GMT

I requested mine 2 days ago.