Regular credit reports and special credit reports are similar. The only difference between a regular credit report and a special credit report is the types of information collected and used.
Regular credit reports are limited to your credit history. There are three big nationwide providers of credit reports for credit: Equifax; TransUnion; and Experian. Credit reports from these companies contain information about your credit history, including payments, how much credit you have and use, and other inquiries and information.
These credit reports for credit are referred to as the “Big Three” credit reports. Under Federal law, these Big Three credit reporting agencies are designated as “Nationwide Consumer Reporting Agencies.”
Special credit reports are much broader and include sensitive personal information about the following financial activities:
· Residential/ tenant history
· Employment history
· Bank accounts and checking history
· Personal insurance coverages and claims (life, automobile, and homeowners/ renters)
· Medical records, payments, and prescription history
· Telecommunications and utilities payment history
· Retail return and exchange history
· Gaming and sports betting history
· Sub-prime and payday lending history
There are hundreds of companies that provide these special credit reports. They are designated as “Nationwide Specialty Consumer Reporting Agencies”. In addition to reports, these companies also provide special credit scores.
Special credit reports are embedded in modern financial life. Special credit reports are as important as regular credit reports.
Special credit reports are used to help screen individuals and determine prices. Only landlords and employers need consent to use special credit reports – banks, insurers, wireless carriers, water/ electricity/ gas utilities, retailers, casinos, and payday lenders do not need prior consent.
The credit reporting system is confusing. One fact that confuses many people – Equifax, Experian, and TransUnion sell both regular credit reports and special credit reports.
For example, Equifax sells a regular credit report for credit. Equifax also sells a residential screening and tenant history special credit report called Resident Screening Services. Equifax also sells a telecommunications and utility payment history special credit report called the National Consumer Telecom and Utilities Exchange. Equifax also sells an employment history and background screening special credit report called The Work Number. Equifax also sells education background screening special credit reports called Talent Report High School and Talent Report Post-Secondary Education. Equifax also sells a sub-prime special credit report called DataX. Equifax also sells a debt-collection recovery special credit report called The Recovery Report.
As you can see, Equifax sells many types of special credit reports. Each Equifax special credit report must be requested individually. The same is true for Experian and TransUnion. This is confusing and onerous, even for sophisticated consumers.
Special credit reports are critical for any person who needs housing, employment, bank account, insurance, medical treatment, utilities, or telecommunications. View our directory of special credit reports and special credit scores.
Our mission is to track all the credit reports and credit scores in America. Request your specialty credit reports and scores now.
