Do you know what’s in your specialty report?
Learn what you will find in a specialty credit report, where to find yours, and how much it will cost.
Most of us have heard of credit reports, but do you know that your information can also be compiled in a specialty report? Specialty reports include information about consumers and specialty credit reporting companies may provide this information to landlords, employers, creditors, insurance companies and more. According to the Consumer Financial Protection Bureau (CFPB), specialty reports may include the following consumer information:
- Bank accounts (including writing or bouncing checks or overdrafts)
- Apartment rental payments
- Car insurance claims
- Homeowners and renters insurance claims
- Payday lending
- Utility payments
- Phone bill payments
- Medical records or payments
Some specialty credit reporting companies offer a free report every 12 months like the three major credit reporting agencies, Equifax, Experian and TransUnion. There are some specialty credit reporting companies that will charge a fee (approximately $12 or less) for your specialty report. It is especially important to check your specialty report if you have been a victim of identity theft or think someone has compromised your credit in any way. Like with regular credit reports, if you find errors on your specialty report, you can file a dispute with the reporting company to have the errors corrected. If you are unhappy about your results, you can submit a complaint to the CFPB. You can order your free credit report by visiting www.annualcreditreport.com or calling 877-322-8228. You can learn more about your specialty credit report and the specialty credit reporting companies by visiting the list compiled by the CFPB. Be sure to check your credit and specialty report every 12 months.
Don’t forget to check out Michigan State University Extension and MI Money Health for more important topics related to your finances. Also, take the Financial Health Survey and discover more ways you can improve your financial health.