Free FACT Consumer Reports: Banking, Insurance, and Employment History

mag

Annual reminder for 2014. The best known part of the Fair and Accurate Credit Transactions Act (FACT Act) is that you can get a free copy of your credit reports from all three major credit bureaus once every 12 months. However, there are also several other consumer databases that you should check as well which are also available absolutely free once every 12 months, and they can also have a significant financial impact. If you got one last year, you can now get another one and reset the 12 month clock.

ChexSystems Banking History
ChexSystems is a consumer information database used by an estimated 80-90% of all banks to help determine the risk of opening new accounts. Think of it as the bank’s version of a credit bureau. If a person commits check fraud or overdraws their account, it will be listed here. In addition, the simple act of opening or closing a bank account may be recorded in their database. Getting a negative ChexSystems record can leave you blacklisted from opening bank accounts at most major banks.

Get your free ChexSystems consumer report here.

Medical History Used For Insurance Underwriting
MIB (previously known as Medical Information Bureau) is run by 470 insurance companies and has a “primary mission of detecting and deterring fraud that may occur in the course of obtaining life, health, disability income, critical illness, and long-term care insurance.” They record information of “underwriting significance” for those who have applied for life and health insurance with MIB member companies. If you have not applied for individually underwritten life, health, or disability income insurance during the preceding seven year period, then you probably don’t have a record.

Get your free MIB consumer file here.

Insurance Claims History
CLUE stands for Comprehensive Loss Underwriting Exchange, and they collect information that is used to calculate your potential risk of loss and thus your insurance premiums. You can also find out about previous claims on the house you are currently renting or recently bought, even if they weren’t made by you.

The C.L.U.E. ®Personal Property report provides a seven year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name.

The C.L.U.E. ®Auto report provides a seven year history of automobile insurance losses associated with an individual. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name.

Get your free CLUE Auto and Personal Property Reports here.

In addition, you should also request your free A-PLUS report (Automated Property Loss Underwriting System), which is a smaller database that also contains information about property loss claims.

LexisNexis Personal Reports Full Disclosure File
As one of the largest personal information databases in the US and a for-profit company (part of Reed Elsevier), LexisNexis should just rename themselves Big Brother, Inc. You can request a “Full File Disclosure” that supposedly includes all of the information that they have on you – including public records, real estate transaction and ownership data, lien, judgment, and bankruptcy records, professional license information, and historical addresses on file.

Request your LexisNexis Full File Disclosure here. You’ll need to fill out a PDF form and snail mail it in.

This is part of my annual checklist at the beginning of each new year.