How many credit reporting agencies are there? If you said 'three,' you're way off!

If we asked most Americans how many credit bureaus there were, their answer would almost always be, “three.”  A good number of people could probably even name them as Experian, Equifax, and Transunion, and feel proud of their knowledge of the credit industry.  But very few people realize that there are actually a multitude of credit bureaus reporting your every mortgage, credit card, and occasional late payment, more than 35+ lesser-known ones at last count. 

Why are there so many?  Some of them replicate the scoring models and functionality of the big three, while others serve specific esoteric niches in the financial market.  It’s estimated that up to 50 million Americans have little or no data reporting with the major credit bureaus, so alternate reporting services help credit-light borrowers to qualify for basic loans or services, like utilities, cell phones, and rental housing.  Business loans, employment hiring decisions, and insurance coverage are all affected by what’s on your credit report, but better served by alternate reporting agencies.

For instance, payment information from your medical records is a totally separate form of credit, and businesses have their own commercial credit score.  Bank accounts, bankruptcies, liens, rent-to-own companies, pay-day lenders, subprime auto loans, check fraud, courthouse information, day care payments, and billing from club memberships are even documented by alternative credit reporting agencies. 

For most people, three reporting agencies keeping tabs on their every financial move is more than enough, but if you have an issue with something more than just mortgages, credit cards, and installment loans, you might want to check into what these alternate reporting agencies are saying about you.  Just like with traditional credit score, there’s usually a process for disputing incorrect items or engaging in certain responsible financial behaviors to raise your score. 

Here’s a rundown of some of the alternative credit reporting agencies.  They are under headings but any of these agencies offer reporting on several and overlapping types of reporting, so contact us if you need clarification or need help. 

Banking and Check History CRAs: 


ChexSystems

Certegy Check Services

Telecheck 


Payday Lending Reporting Agencies: 


Factor Trust 


Clarity Services 


CL Verify Microbilt

CoreLogicTeletrack

DataX 


Auto and Property Insurance Reporting Agencies: 


Insurance Services Office (ISO) (A Plus Property Reports)

Insurance Information Exchange

L.N. (Clue Personal Property Report)

L.N. (Clue Auto Report) 


Supplementary/Alternative Credit Reporting Agencies:  CoreScore Credit Report

L2C

Pay Rent Build Credit (PRBC)/Microbilt

ID Analytics

Innovis

Lexis Nexis Screening Solutions. Inc. 


Fico Expansion Score

Utility Credit Reporting Agencies: 


National Consumer Telecom and Utilities Exchange 


Rental Reporting Agencies:

Core Logic SafeRent 


LexisNexis Screening Solutions Inc. Resident History Report

Leasing Desk (Real Page)

Tenant Data Services and Medical Reporting Agencies: 


Medical Information Bureau

MillimanIntelliScript 


Employment Reporting Agencies: 


Accurate Background

Contemporary Information Corp. 


Early Warning Services 


EmployeeScreenIQ 


First Advantage

GIS

HireRight

Infocubic

Intellicorp

Pre-Employ.com

Trak 1 Technology

Verifications Inc.

The Work Number

25 Alarming facts about student loan debt.

There is a debt problem in this country that’s grown to epidemic proportions with no end in sight.  No, we’re not referring to the national deficit, the loss of mortgage equity from the real estate bust, or even rampant credit card debt.  The most pressing debt problem may come from student loans, believe it or not.

The numbers are staggering, and when laid out in sequence, tell a sobering story of the changing face of a new type of poverty, where young people are well educated, yet shackled by the proposition of facing decades of paying off inescapable student loans.

We’ve all heard the horror stories – kids are graduating college addled with tens of thousands of dollars of debt, only to face an uphill battle when it comes to getting a job that’s not at Starbucks or for more than retail workers wages.   In fact, 1/3 of college graduates end up taking jobs that don’t even require a degree.  Those low-wage jobs don’t even offer a living wage for things like an apartment and a car, yet alone catch up with student loan payments once their deferment is up. 

Dr. Andrew Jennings, FICO’s chief analytics officer, said recently that the student loan debt situation is "simply unsustainable."

So to fully expose the problem, we did a little digging, combing through reports and studies by the Fair Isaac Corp., the Chicago Tribune, CNNMoney, Newsweek, The Institute for College Access and Success (TICAS), the Wall Street Journal, TransUnion, and Forbes magazine.

Here are 25 facts about student loan debt that tell the true story:

Student loan debt has hit the $1.2 trillion mark.

$1 trillion of that is federal student loan debt.

With the federal debt at $16.7 trillion, student loan debts measure at 6% of the overall national debt.

Student loan debt tops all other forms of consumer debt in America.

Student loan debt is the second highest form of consumer debt behind mortgages. 

It's the only kind that is next to impossible to discharge in bankruptcy

The majority of student loans are backed by the U.S. government through banks like Sallie Mae, or since 2010, by the Department of Education. 

Based on that fact, the creditor is the U.S. taxpayer because they will be burdened and obligated by the loan if the student defaults. 

The average student debt load ballooned 58 percent from 2005 to 2012 -- from $17,233 to $27,253.  A report by CNN just released puts the number even higher - at over $29,000.

The number of consumers with two or more open student loans on their credit report grew from 12 million in 2005 to 26 million in 2012.

Of the student loan debt originated between 2005 and 2007, an industry boom period, 12.4 percent are 90 days past due, according to FICO.

Additionally, 15.1 percent of loans issued between 2010 and 2012 are 90 days past due.

1/3 of all outstanding student loans as of March 2012 are held by the riskiest borrowers, an increase from 31 percent in 2007.

More than half of student loan accounts - 65.5 million of 128.8 million - are in deferment.

2/3 of students graduating from American colleges and universities are graduating with some level of debt. 

Students completing an associate’s degree from a community college in 2008, 38% graduated with debt. 

In the for-profit sector of two-year degrees, over 90% have debt. 

The average debt load at a public two-year institution is $7,000.

One in 10 graduates accumulate more than $40,000.

60% of students borrow money annually to cover costs.

That’s approximately 12,000.000 students a year.

There are about 37,000,000 borrowers with outstanding student loan debt.

Since 1978, the cost of the average college tuition has gone up 900%.  The cost of living went up approximately 325% in that same period. 

$20,360,000,000 is the reported profit generated from student loan debt each year.  That’s over 20 TRILLION dollars EACH year!

The Department of Education made $101.8 billion from student loans over the last 5 years.