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CREDIT REPORTING INDUSTRY

CREDIT REPORTING INDUSTRY. Nancy MacRae Investigations Department December 2, 2004. Overview. Introduction to TransUnion Background Information maintained Legislative requirements Services for Customers Services for Consumers How to protect your credit record Questions. Background.

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CREDIT REPORTING INDUSTRY

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  1. CREDIT REPORTING INDUSTRY Nancy MacRae Investigations Department December 2, 2004

  2. Overview • Introduction to TransUnion • Background • Information maintained • Legislative requirements • Services for Customers • Services for Consumers • How to protect your credit record • Questions

  3. Background • TransUnion is an international association • TransUnion corporate headquarters are located in Chicago, IL • Canadian corporate headquarters are located in Scarborough • Operations centres are located in Hamilton • Offices in each province provide nationwide service to customers and consumers

  4. Information Maintained • Personal Information • Address Information • Employment Information • Loans • Credit Cards • Bankruptcy information • Legal Items • Collections • NSF Cheques • Banking Information • Consumer Statements

  5. Sources of Information • Retail organizations • Financial institutions • Finance companies • Credit unions • Auto finance organizations • Public record offices • Consumers

  6. Provincial Credit Reporting Legislation registered as “consumer reporting agency” outlines procedure requirements for reporting agencies (i.e. permissible purposes, consumer disclosure, dispute resolution) indicates the maximum amount of time derogatory credit information can report on a consumer’s file Personal Information Protection and Electronic Documents Act (PIPEDA) defines requirements for identifying purpose, obtaining consent, providing access to information, and establishing a complaint process Legislative Requirements

  7. Maximums Outlined in Credit Reporting Legislation • Click to add text regarding the chart.

  8. What Credit Reporting Legislation Does Not Define • New Brunswick, Quebec, Northwest Territories, Nunavut, and Yukon do not have legislation • TU uses the rules of neighboring provinces • Consumer Programs • Credit Counselling will purge 2 years from the satisfied date • Proposals and OPD’s will purge 3 years from the satisfied date

  9. Permissible Purposes • credit worthiness • employment assessment • tenancy assessment • collection of a debt • underwriting of insurance • eligibility status for government programs • direct business connection/consent • law enforcement & government agencies • verification of information • fraud protection

  10. Services to Customers • Full credit report • Custom Solutions • Scoring Products • New applications or review of existing accounts • Assist in credit strategies • Basic risk, bankruptcy, collection

  11. Services to Customers • Fraud Products • Warning system- address, SIN, etc • Skimming Information • Application Fraud • Verification • Used to verify address on application (paper or electronic) • Used to “authenticate” individuals

  12. Services to Consumers • Access to Information • Fraud Victim Assistance • Verification of Information • Credit Scores

  13. Methods of Access to Information • Website • immediate access to credit file and credit bureau “risk” score is available, for a fee • Walk-in Service • provincial offices provide immediate access to credit bureau file, free of charge (some exceptions) • Mail Service • credit file will be supplied via Canada Post upon receipt of appropriate identification • Telephone Service • consumers who have recently been denied credit, can speak to a representative

  14. How can you contact TransUnion? • Website: www.tuc.ca TransUnion Consumer Relations Box 338, LCD 1, Hamilton, ON L8L 7W2 (except PQ) or TransUnion Consumer Relations 1600 Henri-Bourassa W., Suite 200, Montreal, PQ H3M 3E2 (PQ only) (800) 663-9980 or (905) 525-0262 (except PQ) (877) 713-3393 or (514) 335-0374 (PQ only) Fraud: (877) 525-FVAD (3823) (except PQ)

  15. How can you get a copy of your file? • Complete the Request form • Provide your name, current address, previous address, & signature • your telephone number and date of birth are beneficial pieces of information, but optional • Provide two pieces of photocopied identification (front & back) • Mail your request to TransUnion Consumer Relations Centre

  16. Fraud Victim Assistance • Potential/Confirmed Victims • Fraud Warning • Assistance for Contacting Customers on Behalf of Victim • Assistance to Customers

  17. Verification of Information • Methods of Receipt • Process to Verify • Timeframes • Consumer Options Upon Completion

  18. Dispute Cycle

  19. Credit Scores • What is a credit risk score? • Why do lenders use credit scores? • Do inquiries impact a credit risk score? • How does a consumer get a higher score?

  20. How do you protect your credit record? • Pay your bills on time • Maintain an awareness of your credit payment history • Give the appropriate information when applying for credit • Do not apply for more credit than you need

  21. Summary • Storehouse of information • Legislated industry • Many products to support customers • Developing more areas to support consumers

  22. Questions?

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