topic Re: Innovis -- huh? in General Credit Topics

Innovis -- huh?

Anonymous — Fri, 16 Jul 2010 21:46:27 GMT

Hi all,

Still working on keeping my nose clean and cleaning up credit. Proud to say I now reside comfortably in the mid 600s.

I received a letter in the mail from Innovis, saying they are adding two accounts with negative information to my report. I immediately requested a copy of the report and started doing some research. I know not a lot of companies report to them, but I also know there is no chance this so-called negative information is new. Could it be that some of my already negative accounts have been recently added to their report and therefore some old negatives are being counted now?

Also, do you know who reports to them? And who checks them?

Sigh.

Re: Innovis -- huh?

Anonymous — Fri, 16 Jul 2010 23:22:53 GMT

My personal opinion is Innovis puts more stock in themselves than others.

As far as I know, only the other three CRAs are still used by creditors. I don't know any that pull from Innovis.

It is probably old accounts. If you are getting a report from them, check it very good to make sure.

Re: Innovis -- huh?

Anonymous — Sat, 17 Jul 2010 00:53:02 GMT

Innovis ... really??

They r trying to be a major CRA?

As far as I know Eq, Ex, TU don't mail u crap ... be a large waste of paper. You gotta be proactive and request the information.

But Innovis ... really?? Who r these ppl?

Re: Innovis -- huh?

Anonymous — Sat, 17 Jul 2010 01:02:26 GMT

yeah well i guess they are trying ...

http://www.smartcreditinfo.com/innovis.html

I love the part in the first link that reads "A negative report from Innovis will prevent you from getting decent credit offers"

I don't think i'll lose sleep over that...

https://www.innovis.com/InnovisWeb/

Times are always changing ... I just don't wanna see the day were i gotta file a dispute with like six of these bums ...

Re: Innovis -- huh?

RobertEG — Sat, 17 Jul 2010 01:25:41 GMT

Innovis is definately a recognized credit bureau, but is not relied upon by many creditors or lendors. They are, however, still a player with the big three.

For example, the credit reporting guidelines used by all of the credit reporting agencies ("credit reporting manual") were deleloped by a joint team consisting of representatives from Equifax, Experian, TransUnion, and Innovis. These guidelines are published by their contractor, the Consumer Data Industry Assoc as the "Credit Reporting Resouces Guide" (c) CDIA. They were a participant in the develpment of the rules for credit reporting that each creditor must abide by when reporting to any of the CRAs,

I am not even sure that Innovis has a contract with Fair Isaac to even produce FICO scores based on their credit files. I have never seen or heard of an Innovis-based FICO score, which could be a major reason why lendors dont use them. I am not sure. I wouldnt worry much about Innovis, but they are legit.

As you are aware, you are entitled under the FCRA to at least one free credit report annually from each credit bureau. Knowing the potential burden of this legislation, the big three jointly established an internet site, annualcreditreport.com, to handle these requests. Innovis did not partipate in this effort. So they must individually respond to each request for your annual credit report. Innovis is required by law to provide this free annual credit report, so just write to them, and request it. They cannot refuse.

Re: Innovis -- huh?

Anonymous — Sat, 17 Jul 2010 13:06:39 GMT

No one said they were not legit, just not used by the majority of creditors.

Re: Innovis -- huh?

llecs — Sat, 17 Jul 2010 15:26:15 GMT

Funny. In part, due to this thread, I ordered my Innovis for the first time. It'll be here by Friday next.

Re: Innovis -- huh?

Anonymous — Sat, 17 Jul 2010 16:20:07 GMT

@llecs wrote:
Funny. In part, due to this thread, I ordered my Innovis for the first time. It'll be here by Friday next.

Plz do let us know if they have your entire reportable credit history ... for I am very curious about that....

Re: Innovis -- huh?

llecs — Sat, 17 Jul 2010 16:21:43 GMT

@Anonymous wrote:

@llecs wrote:

Funny. In part, due to this thread, I ordered my Innovis for the first time. It'll be here by Friday next.

Plz do let us know if they have your entire reportable credit history ... for I am very curious about that....

Will do. In reading other posts about Innovis, looks like only a rare few creditors report.

Re: Innovis -- huh?

Anonymous — Sat, 17 Jul 2010 17:22:30 GMT

I have not had a creditor rely on Innovis for my credit report. However, my insurance company, State Farm, did pull my Innovis report before underwriting insurance for my cars and home.

I pull my Innovis report once per year, for free, as allowed by law.

Re: Innovis -- huh?

Anonymous — Sat, 17 Jul 2010 20:55:33 GMT

@Anonymous wrote:
I have not had a creditor rely on Innovis for my credit report. However, my insurance company, State Farm, did pull my Innovis report before underwriting insurance for my cars and home.

I pull my Innovis report once per year, for free, as allowed by law.

That's interesting ... what state r u in??

I was always under the impression as far as auto it was your driving records/past claims/Credit report/Credit Score is what they went by. Robert mentioned in an earlier post that innovis does not have it's own version of a Fico score. Maybe you have to contact your statefarm UW to know for sure what they actually looked for and attained.

This is all new to me i never even heard of these ppl much less any entity that draws upon them for basis of financial risk management.

Re: Innovis -- huh?

bicknar — Tue, 20 Jul 2010 13:05:10 GMT

Not wanting to get off topic, but for insurance, many different factors go into your rates. Some of which are credit score where allowed by law, Location, Distance Driven, etc. Different states have different laws regarding insurance and what they can use to determine how to dig into your pockets

Re: Innovis -- huh?

llecs — Thu, 22 Jul 2010 22:25:40 GMT

@Anonymous wrote:

@llecs wrote:

Funny. In part, due to this thread, I ordered my Innovis for the first time. It'll be here by Friday next.

Plz do let us know if they have your entire reportable credit history ... for I am very curious about that....

Well, it came in today. I opened it and read it on the way back to the office and unfortunately I left it in the car, but from what I recall, it was a simple report of 7-8 pages. It listed some basic demographic info then listed all of my accounts....all 5 or 6 of them. I do remember seeing CapOne, BofA, PNC, Target, and it also had at least one or two of the following: Juniper, Wells Fargo, and/or Discover. I clearly remember that my Amex, HSBC cards, Macys, or Bloomies weren't reporting. There were no baddies reporting. Each TL had just a mention of the payment history and also listed my demographic info next to each TL of which they reported and included my name, address, and my phone and b-day in most cases. I had no hard inquiries and it did list one soft inquiry of CBCS, which is a CA. ...but I haven't dealt with them in years. And that's it. Most of the pages were legal mumbo jumbo and info on how to dispute.

Re: Innovis -- huh?

Anonymous — Sun, 15 Aug 2010 19:03:39 GMT

I forgot to follow up, my report came back with only three accounts of which 2 are in DMP (closed but with a balance that is being paid off slowly). I'm not going to lose any sleep over them.