- Innovis is often considered the fourth credit bureau behind Experian, Equifax, and TransUnion.
- Innovis mostly verifies consumer information and doesn't sell credit reports for lending decisions.
- Like other credit bureaus, Innovis offers free credit reports, credit freezes, and fraud alerts.
If you're on top of your financial and credit health, you're probably familiar with the three credit reporting agencies, Experian, Equifax, and TransUnion. But did you know that a fourth one exists?
Innovis, the fourth major credit bureau, doesn't get the same attention as the major three bureaus. However, it presents the same security risks. Learn what Innovis does and how to protect your Innovis credit report.
Innovis overview
Innovis is the fourth-largest consumer credit reporting agency and operates alongside the three major credit bureaus. It was founded in 1970 under the name "Associate Credit Bureaus (ACB)" and rebranded to Innovis in 1997.
Similar to Experian, Equifax, and TransUnion, Innovis collects and provides credit information about individuals to creditors, lenders, and other businesses that use this data to assess creditworthiness and make informed decisions about extending credit.
Innovis key services
According to Eric Croak, CFP, Accredited Wealth Management Advisor, and the President of the wealth management firm Croak Capital, "Innovis is more of a boutique agency and typically gathers information often not collected by the big three, such as payments like rent, utility bills, mobile phone, and gym memberships." He notes that some information you'd find in reports from Equifax, Experian, and TransUnion might not be in an Innovis report, since it's common for creditors to report to only a few credit bureaus, not all of them.
Croak also notes that Innovis does not provide credit scores and does not sell reports for credit-granting purposes. "Instead, they gather information to help businesses improve their relationships with customers," Croak says. Innovis also offers fraud prevention and risk management solutions.
While some banks use Innovis information to extend credit products to existing users or send pre-approved offers, "for the most part, Innovis works directly with businesses to verify information about consumers," Croak says. This helps businesses prevent fraud by confirming your address and name. "This is also useful for businesses trying to collect unpaid debts," he continues.
Innovis credit reports for consumers
It's just as important to check your Innovis credit report as those from the three main credit bureaus. You can order a copy of your Innovis credit report by submitting an online form, calling 1-866-712-0021, or completing the Innovis Credit Report Request form by mail.
All credit bureaus are required by the Fair Credit Reporting Act to provide you with a free copy of your credit report every 12 months. While you can get a free credit report from the major three credit bureaus every week, Innovis provides you with a credit report once every 12 months in accordance with the Fair Credit Reporting Act.
Your Innovis credit report provides a detailed history of your credit activity, including payment history, credit balances, and inquiries. By regularly checking it, you can detect errors, identity theft, or unauthorized activities early on.
Innovis pros & cons
Innovis pros
- Innovis offers comprehensive credit and identity solutions for both consumers and businesses and a user friendly online platform with a commitment to consumer education and empowerment and a strong focus on data accuracy and security.
Innovis cons
- Innovis is less widely used than the three major credit bureaus (Equifax, Experian, and TransUnion).
Should you include Innovis in your credit freeze?
A credit freeze prevents the credit bureaus from supplying credit reports to new lenders. This prevents identity thieves from opening a line of credit in your name. While freezing your credit report isn't foolproof, it adds an additional layer of protection by limiting access to your credit information.
Since Innovis doesn't sell credit reports for credit decisions, it's not as important to freeze your Innovis credit report. However, criminals might turn their attention to lesser-known agencies like Innovis if they can't get through the major bureaus. "It's optional, really, but it wouldn't hurt. Plus, freezing your Innovis credit report takes less than five minutes," says Croak.
To place a credit freeze on your Innovis credit report, submit the Security Freeze Request Online form, or call 1-866-712-4546. You could also complete the Security Freeze Request form by mail.
If you don't want to freeze your credit, Innovis offers another layer of security in the form of fraud alerts. A fraud alert signals to creditors that they need to take extra steps to confirm your identity before extending new credit to you.
Frequently asked questions about Innovis
How do I get my Innovis credit report?
You can order a copy of your Innovis Credit Report online, by mail, by phone, or in person. You will need to provide all required personal information to verify your identity.
What happens when you opt out of Innovis?
Innovis allows you to opt out of receiving unsolicited offers for new credit cards in the mail by filling out a request form at www.optoutprescreen.com or calling them at 1-888-567-8688. Once you opt out, Innovis will remove your information from their marketing list.
What should I do if I suspect identity theft?
If you suspect that you are a victim of identity theft, Innovis can help by placing fraud alerts, notifying merchants, and providing dispute resolution services.
How do you file a dispute with Innovis?
File a dispute with Innovis through your Innovis Personal Account, by phone at 1-866-712-0021, or by completing the investigation request by mail form. Once you submit your credit dispute, Innovis will initiate an investigation on your behalf, and you should receive the investigation results within 30 days.
