Resources to Investigate & Correct Your Own Credit Scoring Files

Resources to Investigate & Correct Your Own Credit Scoring Files

Purpose of this page: To provide resources consumers can utilize to discover information about their credit score & their insurance score, and to CORRECT ERRORS & IMPROVE their scores using long-term strategies.

OUTLINE OF TOPIC:
1. LEARN AND CORRECT—if possible—THE INFORMATION STORED ABOUT YOU

2. General Credit Resource Links and Contact Information

3. Here is part of a long-range strategy to improve one's credit score

1. LEARN AND CORRECT—if possible—THE INFORMATION STORED ABOUT YOU

Check Your Record at ChoicePoint
ChoicePoint delivers comprehensive credentialing, background screening, authentication, direct marketing and public records services to businesses and nonprofit organizations. Learn how to request the information ChoicePoint has about you. If an organization has recently ordered reports about you from ChoicePoint or if you are just curious, you can obtain copies of those reports at no charge. If there is information in your reports that you believe to be incorrect, they will show you how to dispute it, free of charge. You can also purchase government-certified copies of vital records (such as birth or death certificates) through their express document ordering service.

ChoicePoint offers consumers their Full File Disclosure free of charge once per year. Charges may apply for additional requests. See the link for information on:

Request for full file disclosure
FAQ on full file disclosure helpful

ChoicePoint maintains a database called C.L.U.E. (Comprehensive Loss Underwriting Exchange). The company sells "C.L.U.E. Auto" reports to insurers that contain a five-year history of claims associated with your auto insurance, including loss types, dates of loss, amounts paid, and your past and present policies numbers, claim numbers and auto insurers. ChoicePoint says 98 percent of auto insurers provide reports for the database. You can receive your free "C.L.U.E. Auto Report" and then dispute any inaccurate information in it, much like a credit report.

Here is how to order your own copy of the C.L.U.E. reports on file against you:

Here is a helpful information page from the Wisconsin State Insurance Commissioner regarding C.L.U.E. and how to fight errors.

Here is a page from Choice Point listing some of the dozens of codes that might show up on a declined credit or adverse action report.

For $12.95 you can order up your ChoicePoint Insurance Score information and dispute whatever you believe should not fairly be included:

You can purchase a generic version of your insurance credit score. TrueCredit.com is a subsidiary of TransUnion, which is one of the three major credit bureaus:

Fair Credit Reporting Act rights to. If an insurance company gives you a higher rate based on information in your credit report, they are "SUPPOSED TO" notify you of this fact and give the reason.

Supposing that your company does not skirt the law, but actually gives you notice, then you are also entitled to a free copy of the credit report used in the decision. You will have 60 days to obtain this credit report. If your insurance quote was based on inaccurate information in your credit report, you can make a credit report dispute with the credit bureau and request a new quote from the insurance company.

Fair Isaac Corporation home page, with free starter score reports

FICO score estimator

Information Stored at Credit Bureaus

The Insurance Services Office (ISO) sells insurers access to its A-PLUS (Automobile-Property Loss Underwriting Service) database, which contains three to five years worth of claims information on all types of losses. I SO says 91 percent of auto insurers contribute auto and home claims for the A-PLUS database. The ISO touts A-PLUS information as a way for underwriters and insurance agents to determine whether to sell a policy to an applicant. You can get your A-PLUS report free by calling the A-PLUS Consumer Report Request Line at (800) 627-3487.

The ISO maintains a giant database of more than 500 million claims, called ClaimSearch. It is not used by insurers in deciding whether to sell you a policy or set your rate, but it's used when claims are made to detect fraud and "evaluate" policyholder claims histories. You can request a copy of the ClaimSearch data on you for $15 by calling ISO customer support at (800) 888-4476. You'll need to fill out a Citizen's Inquiry Form and provide proof of identity.

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2. General Credit Resource Links and Contact Information

Federal Trade Commission's Fair Credit Reporting Act Home Page

Equifax (www.equifax.com)
For a copy of your report, call 1-800-685-1111.
To dispute information in your report,
write to: P.O. Box 740241, Atlanta, GA 30374

Experian (www.experian.com)
For a copy of your report, call 1-888-397-3742.

TransUnion (www.tuc.com)
For a copy of your report, call 1-800-888-4213.
If you have a copy of your report and wish to discuss it, call 1-800-916-8800.
To dispute information in your report, write to:
(for residents of the West & Southwest U.S.)
P.O. Box 34012, Fullerton, CA 92831

(for residents of all other regions)
P.O. Box 2000
Chester , PA 19022

Consumer Data Industry Association (CDIA)
(www.cdiaonline.org)
Contact CDIA for information on the credit report dispute resolution process.
Phone 202-408-8011

ChoicePoint (www.choicepoint.net)

Fair Isaac (www.fairisaac.com)

Federal Trade Commission (www.ftc.gov)

Education efforts provided by the insurance industry:
Alliance of American Insurers (www.allianceai.org)
American Insurance Association (www.aiadc.org)
National Association of Independent Insurers (www.naii.org)

Here is an EXCELLENT collection of articles, reports to the legislature, and consumer advice regarding credit scoring posted by Washington's consumer-orientated Insurance Commissioner, Mike Kreidler. publication credit scoring FAQs

Here is a VERY HELPFUL brochure by the State of Alaska that explains how the insurance industry uses the credit score information. They also include helpful information on how to fight errors.

You can purchase a generic version of your insurance credit score from a subsidiary of TransUnion. TransUnion is one of the three major credit bureaus.

If an insurance company gives you a higher rate based on information in your credit report, they are required by the Fair Credit Reporting Act to notify you of this fact. They must include the reason your rate is higher, for example, “You have one or more late payments within the past 24 months.”

You are also entitled to a free copy of the credit report used in the decision. You will have 60 days to obtain this credit report. If your insurance quote was based on inaccurate information in your credit report, you can make a credit report dispute with the credit bureau and request a new quote from the insurance company.

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3. Here is part of a long-range strategy to improve one's credit score, thanks in part to Jeremy Simon, of creditcards.com, and the triceiver.com editors:

Check your credit reports periodically and fix any errors immediately. Go to www.annualcreditreport.com to get free reports or order them from www.myfico.com to constantly monitor your records from all three credit reporting companies. Start correction process as soon as possible because it takes time. If you have negative marks that still remain on your report after expiration date, dispute with the credit bureaus. Rebuild your credit if damaged. If your credit has been damaged by bankruptcy or charge-offs, start the rebuilding process early. Search the Internet for "secured credit card"; it is a good alternative if you don’t qualify for other regular cards.

Keep track of your credit limits so that you do not unduly increase your credit utilization ratio. Keep your credit utilization rate below 35%. This applies to both single account and overall credit limit.

Pay your bills on time. Plain and simple, but it is the best advice you can get anywhere. If you are late, don’t wait until the next billing cycle and make the payment immediately, as the time your payment is overdue is as important as a late payment itself. Also ask the lender whether they can forgive you by not reporting it to credit bureaus. If this is your first time, they might just agree.

Keep your older credit cards alive; close newer ones if need be. You want the average age of your accounts to be as old as possible. And closing old accounts will decrease the average age of your accounts. If you have too many credit cards and need to cancel some of them for security reasons, start with the most recent ones and try to allocate the credit lines onto other cards with the same issuer.

Pay down credit card debt first. Why? Credit card debt is viewed negatively as compared to other installment loans. This will not only save you a pile of money, but also increase your credit/insurance score. Plus, when you pay down debt that alone can re-balance your credit utilization ratio since it reduces your use of credit.

Opt out of higher interest rates. If higher interest rates do follow a lowered credit score, cardholders should ask their issuer about opting out—paying off their balances at the current APRs. Cardholders who opt out will be unable to continue making purchases with their card.

Practice good borrowing habits and apply for new credit cards only as needed. Yes, you may get new credit that increases your credit limit, but this can lower your score in the following months and will significantly damage your insurance score in some models. Opening multiple new accounts in a short time will definitely hurt your score, especially if you have relatively short credit history.

RESOURCES:

ACTION PAGE: Sample Letters to Insurer, to State Insurance Commissioner & to State Legislative Delegation Has the following subtopics:
1.Reasons to Demand Exemption NOW, & Follow-up With Insurance Commissioner and State Legislative Delegation
2.Gathering Facts to Support Your Argument
3.Here is some framework upon which citizens could construct letters to their state officials

Employment Losses & Credit Restrictions Cause Auto Insurance Rate Increases: What YOU Should do About It

Credit Scoring Auto Insurance Premiums & Helpful Resources

SettlementCentral.Com Letter to National Association of Insurance Commissioners re: Credit Scoring

SITE NOTE:
The usual insurance claim business of www.SettlementCentral.Com is to provide information, guidance, forms, letter examples, and templates for accident personal injury victims to make their own personal injury insurance claim settlements.

Insurance Claim Help & Demand Letters for Auto Accident, Dog Bite, and Slip/Trip & Fall Accident Victims

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