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Well Lookiehere, Another Data Furnisher: Transunion's FactorTrust Consumer Risk Report

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Valued Contributor

Well Lookiehere, Another Data Furnisher: Transunion's FactorTrust Consumer Risk Report

I just learned about this one.

A Transuion company called FactorTrust is another consumer reporting agency that provides info to third parties for the purpose of credit risk assessment and/or other purposes as permitted by law. They may disclose information about you only to companies that you have authorized to access your information, or are otherwise permitted to access this information.

 

The interesting thing about this one is they report both your employer and monthly income - including benefits / bonuses -  and it appears to be accurate (those of you that tend to embellish your income a lil bit on your credit apps may want to take note...).   Other than that, the information provided, at least on my report, was minimal.  None of my credit cards (current or closed) or loans are listed, the only tradeline was a 12 year old paid debt, and all of my previous addresses were listed.  They have a section for judgements, liens, and bankruptcies also. 

 

No idea how often this source is ever accessed by lenders that currently have a relationship with you, but you can access the report for free, so it's worth taking a look.  All items are disputable.   

 

Homepage: https://ws.factortrust.com/

Access your report: https://ws.factortrust.com/consumer-inquiry/request-your-credit-report/ 

If you are unable to pass the online verification, you may also request by fax or mail per the instructions provided.

 

FYI: Experian has one too, called Clarity Services.   They describe themselves as a "real-time credit reporting service" and they provide reporting on "near-prime, non-prime and subprime consumers"  - soo...potentially risky folks? You cannot acces reports online, you have to request by phone, fax, or mail.  I ordered mine almost a week ago but have yet to receive it so not sure what type of info may be included in the report.

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
4 REPLIES 4
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Regular Contributor

Re: Well Lookiehere, Another Data Furnisher: Transunion's FactorTrust Consumer Risk Report

     It is important to note, with reference to this thread, that income is NOT a part of your credit score. Surely it is a factor when applying for certain types of credit (mortgages for example); but while it may affect the outcome, it does not affect your credit score.

 

     There are many risk analysis companies out there; however, most major lenders have their own in-house analysis groups and algorithms. That is why a borrower, with the exact same CS and income, may have greatly different outcomes from different lenders.

 

     You ask, “No idea how often this source is ever accessed by lenders that currently have a relationship with you…” I would surmise that it is not often, if at all. This is a current risk analysis and income information may only be asked for when applying for credit. Of course any contract usually has fine print, but that normally applies to their ability to soft pull your credit report to verify your credit standing, not income. As long as you are a good customer (using your card, paying your bills on time, maintaining your CS above, at or near it was when they lent you the money/credit) this (or any other risk analysis) source should not be a factor.

 

Y

Current FICO 8 Scores:
EQ 792 (12/24/19), TU 819 (12/23/19), EX 824 (12/23/19)
EQ 788 (11/22/19), TU 817 (11/22/19), EX 828 (11/23/19)
EQ 772 (10/29/19), TU 799 (10/29/19), EX 808 (10.29/19)
Message 2 of 5
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Valued Contributor

Re: Well Lookiehere, Another Data Furnisher: Transunion's FactorTrust Consumer Risk Report

@ytzak:

I do not believe I implied that income is factored into one's credit score. I was simply advising of the existence of this data furnisher (referenced as an Alternative Credit Bureau) and highlighting the fact that, unlike others I've researched, they report income. I believe it's important for consumers to not only be aware, but to ensure the accuracy, of any information reported on them, regardless of the reporting source.

Fact is, neither you nor I know precisely what resources, outside of the information directly provided by consumers and main credit bureaus, every single entity uses to assist their decision making and /or risk assessment processes. The use of this particular source, while potentially limited, may very well exist across a broad array of insustries, not just lenders. There is also no reason to believe the use of alternative data resources - for various purposes - will not increase in the future.

Some valid points made here:
https://ws.factortrust.com/2017/02/06/top-3-uses-for-alternative-credit-data-in-2017-decisioning/
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 3 of 5
Highlighted
Regular Contributor

Re: Well Lookiehere, Another Data Furnisher: Transunion's FactorTrust Consumer Risk Report

TMR:

 

     I didn’t mean to imply you said income is a factor in a CS. My post was for “clarification” purposes only; I knew what you meant. I did not want others to think that fact about income. I wanted to stress what you stated, it was “for the purpose of credit risk assessment…”

 

     With regard to the “lending industry” I consider anyone (institution or individual/group) that gives you something where risk is involved as a lender. If you get a life insurance policy from me, I have risk involved. Fundamentally, I am betting you will live long enough so I can make a profit off your premiums. You are betting you will not and get more money for your survivors than you paid into the policy (plus interest over time). I will do a risk analysis on you and charge you accordingly (higher if you are a smoker or older, lower if you maintain a healthy lifestyle and are middle age). A lender (to me) could be a landlord, employer, or anyone else that is betting on another individual (you will work out for my company and make me more money than you will cost me as an employee for example). Then again, that is my definition and not necessarily accepted by others.

 

     Sorry for the confusion.

 

Y

Current FICO 8 Scores:
EQ 792 (12/24/19), TU 819 (12/23/19), EX 824 (12/23/19)
EQ 788 (11/22/19), TU 817 (11/22/19), EX 828 (11/23/19)
EQ 772 (10/29/19), TU 799 (10/29/19), EX 808 (10.29/19)
Message 4 of 5
Highlighted
Valued Contributor

Re: Well Lookiehere, Another Data Furnisher: Transunion's FactorTrust Consumer Risk Report

Understood. Thank you for the ultra-clarification. LoL. 👍
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 5 of 5
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