Everyone knows the three major credit bureaus: Experian, TransUnion and Equifax. But there’s another credit agency that some consider to be the 4th credit bureau: CBC Innovis. The Innovis credit bureau maintains its own database of consumer credit information.
What is Innovis used for? Who owns the agency?
What Is Innovis Used For?
Innovis provides personal and business credit services. For personal use, consumers can obtain copies of their Innovis Credit Report. They can also assist consumers with disputing information that is incomplete or inaccurate in their reports.
Additionally, you can request an Innovis security freeze on your credit data, and they can also help with adding active duty or fraud alerts on your Innovis credit report. Active duty and fraud alerts will be active for 12 months. You can also extend the fraud alert for 7 years.
The company states that they have a greater number of identity variations for personal users for screening fraud requests. The services from Innovis can help businesses identify fraud.
Business Services
For businesses, Innovis can provide credit-related services, such as fraud solutions, authentication services and portfolio management.
The business services from Innovis include:
Identity Verification
Businesses need to verify identities to protect themselves and their customers. Innovis offers automated verification services. The agency has solutions for each stage of the customer account life cycle, from acquisition to recovery.
FailSafe Multi-factor Authentication
FailSafe is a multi-factor authentication tool powered by Innovis data. The tool provides “proof of presence” in an interaction.
According to Innovis, eight out of ten of the top banks use FailSafe.
Receivables Management
Innovis also offers receivable management services to help businesses maintain customer relationships.
Their Right Party Contact solutions help ensure that businesses have the right contact information for their customers.
Fraud Prevention
Fraud costs businesses a lot of money. The fraud prevention services from Innovis can help businesses establish and maintain customer relationships.
They provide:
- Phone-based authentication
- Identity verification that’s reliable
The services from Innovis can help businesses identify suspicious or fraudulent activities before they can harm the business and its customers.
Who Owns CBCInnovis?
CBCInnovis is a subsidiary of CBC Companies Inc. It was founded in 1970 by the Associate Credit Bureaus, or ACB. Initially, Innovis was known as ACB Services. In 1997, the company was purchased by First Data Corporation and gave the company its current name.
A few years later, the company was purchased by the Credit Bureau of Columbus (CBC).
What Does Innovis Do?
According to Consumerfinance.gov, Innovis provides:
- ID verification data to help with fraud prevention and detection
- Credit reports on request – one free every 12 months
- Freeze your credit
- Block fraud information related to identity theft
- Opt-in or out of receiving offers for insurance or credit
What Does an Innovis Report Include?
An Innovis credit report includes:
- Personal identification information
- Your credit history
- Accounts you have now and in the past
- Companies that have reviewed your Innovis report
Innovis does not offer credit scores. Just like with other credit bureaus, negative information typically stays on your credit report for 7 years. If the negative information is erroneous, you can always submit a dispute to try and have it removed from your Innovis credit report.
Innovis makes it easy to dispute erroneous or incomplete information on your credit report directly through their website.
What Happens When You Submit a Dispute?
When you submit a dispute through Innovis, the agency will launch an investigation for free and submit an investigation request to the source reporting the erroneous information. You will also receive the results of their investigation once it has been completed.
Typically, disputes are resolved within 30 days. If you’re not happy with the agency’s decision, you can submit a note that will be included in your report. Your note can be seen by those who view your credit report.
Why does Innovis appear on Your Credit Report?
You may see Innovis on your credit report if you recently submitted a loan application. In this case, there’s no need to ask to have the entry removed. Hard inquiries are normal to find on a credit report, and they won’t have much of an impact on your credit.
However, if you haven’t applied for a loan or credit card recently, you can submit a dispute to the agency through their website. The dispute process is straightforward.
Final Thoughts
CBC Innovis may not officially be the fourth credit bureau, but they maintain an important database of consumer credit information. Their reports are often reviewed by lenders and creditors. They also offer additional services to both consumers and businesses to help with fraud prevention and protection against identity theft for personal users.
Consumers can request a free report from the agency every 12 months. They do not offer credit scores, but they will assist with credit freezes and other services.