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Factor Trust? An alternative Credit Bureau?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Factor Trust? An alternative Credit Bureau?

I ordered my ChexSystem report, and I saw something called FactorTrust had pulled an inquiry.  I had not heard of them before, so I did a quick google search, and they say they are an alternative credit bureau...  Since Discover never reported a hard pull, I can safely guess they used Factor Trust?  Guess there is one more place to work on my rebuild.

 

Anyone else heard of them?

Rebuilding Since 4/2017 No FICO, No Credit Cards. Now FICO 8 655EX, 678 EQ, 753 TU!
Gardening 6/08/17 to 12/1/17
11 REPLIES 11
Regular Contributor

Re: Factor Trust? An alternative Credit Bureau?

Looks like Golden1 CU used them to pull my data, but I had no data on there for them to pull.  Now they are building my file.  It states they used LexisNexis. 

 

 

Rebuilding Since 4/2017 No FICO, No Credit Cards. Now FICO 8 655EX, 678 EQ, 753 TU!
Gardening 6/08/17 to 12/1/17
Message 2 of 12
Community Leader
Legendary Contributor

Re: Factor Trust? An alternative Credit Bureau?

Secondary credit reporting agencies do not usually receive consumer histories from a majority of creditors, and thus do not offer credit scores.

The largest secondary CRA is Innovis, and they do not license credit scoring from FICO.

They are normally geared to speciality background information, such as banking info, and not scoring.

Yes, it is good to check your free annual report from such CRAs, but score building is not part of the rebuild.

Message 3 of 12
Frequent Contributor

Re: Factor Trust? An alternative Credit Bureau?

Just as an update, I didn't see this mentioned anywhere on the forums.  FactorTrust was acquired by Transunion to "complement its small dollar lender portfolio" so it's part of the big three now.

 

Transunion Acquires FactorTrust

 

"Back in November 2015, FactorTrust closed on a $42 million investment led by ABS Capital Partners, a late-stage growth company investor, and MissionOG, an early to growth stage investor. Since that financial resource injection, FactorTrust added a former top official at the CFPB to its board of directors and made multiple appearances on the Inc. 5000 list that recognizes growth."

 

How is this even legal?  Someone works for a government agency on tax payer's money then jumps ship from the same agency that is supposed to protect consumers to one that has a financial stake in keeping scores low and APRs high?   I guess if it works for lobbyists why not consumer finance.

  

Message 4 of 12
Senior Contributor

Re: Factor Trust? An alternative Credit Bureau?

All of Washington is former corporate lobbyists, and all current lobbyists are former politicians.  It isn't just legal, it's the normal way of things.

 

This is from 2016 but it's a PDF of many of the bureaus out there: http://files.consumerfinance.gov/f/201604_cfpb_list-of-consumer-reporting-companies.pdf

 

I should also mention that I've paid lobbyists for 20 years and they get the job done better than calling "my" politician, who has never really answered any of my questions.  It's just the normal way business is done, so it's very natural that lobbyists jump into regulatory organizations because they're already knowledgable and friendly with the people there.  Is it moral?  I would say no, but I never complained about the outcome because dollars talk all around the world.  The US isn't unique.

Message 5 of 12
Frequent Contributor

Re: Factor Trust? An alternative Credit Bureau?


@ABCD2199 wrote:

All of Washington is former corporate lobbyists, and all current lobbyists are former politicians.  It isn't just legal, it's the normal way of things.

 


Yes, I am cursed with a naive soul that wants to think people have integrity somewhere.  They do, right?  Smiley Happy

I should also mention that I've paid lobbyists for 20 years and they get the job done better than calling "my" politician, who has never really answered any of my questions. 

 

Well I've recently given up voting altogether as my faith in that has been destroyed too.  I once attended a city council meeting to complain that it was rather unfortunate that it took a police officer 50 minutes to respond to me watching someone break into my neighbor's home.  I waited and waited because I know the guy and he would have done the same for me, I just didn't want to get shot protecting his TV.  Finally showed up, the guy was long gone.  I drove to get something to eat not fifteen minutes later and saw four cop cars parked at McDonald's.  Do they all have to take lunch at the same time?  I respect them and all but c'mon, someone is actively commiting a crime - you can step away from the Big Mac to help a guy out by serving and protecting.   The city council sat there and listened to my story because they had to, and then said someone will reach out to me.  Never heard another word from them.  Lesson learned: everyone else seems to have just given up, why shouldn't I?

 

Sorry for the rant. Smiley Happy

Message 6 of 12
Senior Contributor

Re: Factor Trust? An alternative Credit Bureau?

Well, I don't want to get political (against the rules and all), but my mentor when I was 16 told me to not bother voting if I wanted to make a change.  He showed me the ropes when it came to lobbying even at the ultra-local level (we call them aldermen or councilmen around me) -- and it worked so well when I was barely 21 that I never bothered to vote.  I know all of my friends and family constantly complain and moan on Facebook about politics but I just get blurry eyed because as far as I can see, the system works as it was planned and everyone else is just dealing with it wrong, lol.

 

I'm glad I don't have to lobby anymore, though -- I admit I felt dirty sometimes (all the time) but again, that's the way the system works as it was planned 300+ years ago, so that's what I did as a good citizen.

 

When it comes to these credit bureaus, they're even more of a sham because we're not their customers, we'd just their data.  And even though the law "allows" us to get a copy of our credit report every year, it still doesn't really give us any transparency as to what the data is properly used for.  Sure, you can get a list of lenders requesting the report, but even that is pretty opaque.

 

I still find it advantageous to request a copy of ALL of my reports annually if only to create a little more chaos for the companies.  And if I find incorrect information, which I do on 100% of reports I request annually, I make sure they correct it -- and that they follow up with corrected reports.

 

Still, every year, new information is wrong, so it's a total waste of time.  I wish there was a better solution for this but it's the best we have.  I know how tough it is to get credit in countries WITHOUT risk management third parties involved, so I'm glad that we can get credit here easily (click of a button) and even if you blow your credit profile today, in 7-10 years it's almost good as new.  That's saying something for the system.

Message 7 of 12
Frequent Contributor

Re: Factor Trust? An alternative Credit Bureau?


When it comes to these credit bureaus, they're even more of a sham because we're not their customers, we'd just their data.  And even though the law "allows" us to get a copy of our credit report every year, it still doesn't really give us any transparency as to what the data is properly used for.  Sure, you can get a list of lenders requesting the report, but even that is pretty opaque.

 

And not even their well protected data either.  The only people that get any real transparency into the system are the people smart enough to steal it all at once.  That's telling in and of itself.  I think I have been informed of seven or eight data breaches in 2017 alone -- and those are just the ones that are known.

 

I still find it advantageous to request a copy of ALL of my reports annually if only to create a little more chaos for the companies.  And if I find incorrect information, which I do on 100% of reports I request annually, I make sure they correct it -- and that they follow up with corrected reports.

 

Still, every year, new information is wrong, so it's a total waste of time.  I wish there was a better solution for this but it's the best we have.  I know how tough it is to get credit in countries WITHOUT risk management third parties involved, so I'm glad that we can get credit here easily (click of a button) and even if you blow your credit profile today, in 7-10 years it's almost good as new.  That's saying something for the system.

 

e-Oscar makes whole sections of the law almost meaningless anyway.  I don't even know why I bother with DV anymore.  Freezing my profile doesn't even prevent previously agreed errors from reappearing so other than making sure I'm not a victim of the most egregious form of identity theft it is also pointless.  But I think we've set the bar really low when the internet will quickly provide me with an accurate birthday/address/relatives/phone number/party affiliation with a quick Google but my credit info and FICO score (generated by an unknowable algorithm based on questionable data) is the best we can ask for. Smiley Happy


 

Message 8 of 12
Community Leader
Legendary Contributor

Re: Factor Trust? An alternative Credit Bureau?

Federal employees with any significant policy or management authority are generally barred from doing any work before the agency for which they formerly worked for a period of at least a year. 

 

Of course, they advise others in their new private job immediately upon taking employment, so the ban is usually more show than blow, but they cannot directly represent the new employer or their clients before the federal agency for a period of time. 

Message 9 of 12
Super Contributor

Re: Factor Trust? An alternative Credit Bureau?


@RobertEG wrote:

Federal employees with any significant policy or management authority are generally barred from doing any work before the agency for which they formerly worked for a period of at least a year. 

 

Of course, they advise others in their new private job immediately upon taking employment, so the ban is usually more show than blow, but they cannot directly represent the new employer or their clients before the federal agency for a period of time. 


Those would be "covered" employees and also you could be barred if your were on a source selection too.  I am applying for post-government work with a contractor so I had to fill out a form saying I was not a covered federal employee.

04/24/2019: FICO 849 EQ 845 TU 848 EX
Message 10 of 12