The Credit Reporting Industry - Trans Union

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The Credit Reporting Industry - Trans Union

  1. 1. CREDIT REPORTING INDUSTRY Nancy MacRae Investigations Department December 2, 2004
  2. 2. Overview <ul><li>Introduction to TransUnion </li></ul><ul><ul><li>Background </li></ul></ul><ul><ul><li>Information maintained </li></ul></ul><ul><ul><li>Legislative requirements </li></ul></ul><ul><li>Services for Customers </li></ul><ul><li>Services for Consumers </li></ul><ul><li>How to protect your credit record </li></ul><ul><li>Questions </li></ul>
  3. 3. Background <ul><ul><ul><li>TransUnion is an international association </li></ul></ul></ul><ul><ul><ul><li>TransUnion corporate headquarters are located in Chicago, IL </li></ul></ul></ul><ul><ul><ul><li>Canadian corporate headquarters are located in Scarborough </li></ul></ul></ul><ul><ul><ul><li>Operations centres are located in Hamilton </li></ul></ul></ul><ul><ul><ul><li>Offices in each province provide nationwide service to customers and consumers </li></ul></ul></ul>
  4. 4. Information Maintained <ul><ul><li>Personal Information </li></ul></ul><ul><ul><li>Address Information </li></ul></ul><ul><ul><li>Employment Information </li></ul></ul><ul><ul><li>Loans </li></ul></ul><ul><ul><li>Credit Cards </li></ul></ul><ul><ul><li>Bankruptcy information </li></ul></ul><ul><ul><li>Legal Items </li></ul></ul><ul><ul><li>Collections </li></ul></ul><ul><ul><li>NSF Cheques </li></ul></ul><ul><ul><li>Banking Information </li></ul></ul><ul><ul><li>Consumer Statements </li></ul></ul>
  5. 5. Sources of Information <ul><ul><li>Retail organizations </li></ul></ul><ul><ul><li>Financial institutions </li></ul></ul><ul><ul><li>Finance companies </li></ul></ul><ul><ul><li>Credit unions </li></ul></ul><ul><ul><li>Auto finance organizations </li></ul></ul><ul><ul><li>Public record offices </li></ul></ul><ul><ul><li>Consumers </li></ul></ul>
  6. 6. Legislative Requirements <ul><li>Provincial Credit Reporting Legislation </li></ul><ul><ul><li>registered as “consumer reporting agency” </li></ul></ul><ul><ul><li>outlines procedure requirements for reporting agencies (i.e. permissible purposes, consumer disclosure, dispute resolution) </li></ul></ul><ul><ul><li>indicates the maximum amount of time derogatory credit information can report on a consumer’s file </li></ul></ul><ul><li>Personal Information Protection and Electronic Documents Act (PIPEDA) </li></ul><ul><ul><li>defines requirements for identifying purpose, obtaining consent, providing access to information, and establishing a complaint process </li></ul></ul>
  7. 7. Maximums Outlined in Credit Reporting Legislation <ul><li>Click to add text regarding the chart. </li></ul>
  8. 8. What Credit Reporting Legislation Does Not Define <ul><li>New Brunswick, Quebec, Northwest Territories, Nunavut, and Yukon do not have legislation </li></ul><ul><ul><ul><li>TU uses the rules of neighboring provinces </li></ul></ul></ul><ul><li>Consumer Programs </li></ul><ul><ul><ul><li>Credit Counselling will purge 2 years from the satisfied date </li></ul></ul></ul><ul><ul><ul><li>Proposals and OPD’s will purge 3 years from the satisfied date </li></ul></ul></ul>
  9. 9. Permissible Purposes <ul><ul><li>credit worthiness </li></ul></ul><ul><ul><li>employment assessment </li></ul></ul><ul><ul><li>tenancy assessment </li></ul></ul><ul><ul><li>collection of a debt </li></ul></ul><ul><ul><li>underwriting of insurance </li></ul></ul><ul><ul><li>eligibility status for government programs </li></ul></ul><ul><ul><li>direct business connection/consent </li></ul></ul><ul><ul><li>law enforcement & government agencies </li></ul></ul><ul><ul><li>verification of information </li></ul></ul><ul><ul><li>fraud protection </li></ul></ul>
  10. 10. Services to Customers <ul><ul><li>Full credit report </li></ul></ul><ul><ul><li>Custom Solutions </li></ul></ul><ul><ul><li>Scoring Products </li></ul></ul><ul><ul><ul><li>New applications or review of existing accounts </li></ul></ul></ul><ul><ul><ul><li>Assist in credit strategies </li></ul></ul></ul><ul><ul><ul><li>Basic risk, bankruptcy, collection </li></ul></ul></ul>
  11. 11. Services to Customers <ul><ul><li>Fraud Products </li></ul></ul><ul><ul><ul><li>Warning system- address, SIN, etc </li></ul></ul></ul><ul><ul><ul><li>Skimming Information </li></ul></ul></ul><ul><ul><ul><li>Application Fraud </li></ul></ul></ul><ul><ul><ul><li>Verification </li></ul></ul></ul><ul><ul><ul><ul><li>Used to verify address on application (paper or electronic) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Used to “authenticate” individuals </li></ul></ul></ul></ul>
  12. 12. Services to Consumers <ul><ul><li>Access to Information </li></ul></ul><ul><ul><li>Fraud Victim Assistance </li></ul></ul><ul><ul><li>Verification of Information </li></ul></ul><ul><ul><li>Credit Scores </li></ul></ul>
  13. 13. Methods of Access to Information <ul><li>Website </li></ul><ul><ul><li>immediate access to credit file and credit bureau “risk” score is available, for a fee </li></ul></ul><ul><li>Walk-in Service </li></ul><ul><ul><li>provincial offices provide immediate access to credit bureau file, free of charge (some exceptions) </li></ul></ul><ul><li>Mail Service </li></ul><ul><ul><li>credit file will be supplied via Canada Post upon receipt of appropriate identification </li></ul></ul><ul><li>Telephone Service </li></ul><ul><ul><li>consumers who have recently been denied credit, can speak to a representative </li></ul></ul>
  14. 14. How can you contact TransUnion? <ul><li>Website: www.tuc.ca </li></ul><ul><ul><li>TransUnion Consumer Relations </li></ul></ul><ul><ul><li>Box 338, LCD 1, Hamilton, ON L8L 7W2 (except PQ) </li></ul></ul><ul><ul><li>or </li></ul></ul><ul><ul><li>TransUnion Consumer Relations </li></ul></ul><ul><ul><li>1600 Henri-Bourassa W., Suite 200, </li></ul></ul><ul><ul><li>Montreal, PQ H3M 3E2 (PQ only) </li></ul></ul><ul><ul><li>(800) 663-9980 or (905) 525-0262 (except PQ) </li></ul></ul><ul><ul><li>(877) 713-3393 or (514) 335-0374 (PQ only) </li></ul></ul><ul><ul><li>Fraud: (877) 525-FVAD (3823) (except PQ) </li></ul></ul>
  15. 15. How can you get a copy of your file? <ul><li>Complete the Request form </li></ul><ul><li>Provide your name, current address, previous address, & signature </li></ul><ul><ul><li>your telephone number and date of birth are beneficial pieces of information, but optional </li></ul></ul><ul><li>Provide two pieces of photocopied identification (front & back) </li></ul><ul><li>Mail your request to TransUnion Consumer Relations Centre </li></ul>
  16. 16. Fraud Victim Assistance <ul><ul><ul><li>Potential/Confirmed Victims </li></ul></ul></ul><ul><ul><ul><li>Fraud Warning </li></ul></ul></ul><ul><ul><ul><li>Assistance for Contacting Customers on Behalf of Victim </li></ul></ul></ul><ul><ul><ul><li>Assistance to Customers </li></ul></ul></ul>
  17. 17. Verification of Information <ul><ul><li>Methods of Receipt </li></ul></ul><ul><ul><li>Process to Verify </li></ul></ul><ul><ul><li>Timeframes </li></ul></ul><ul><ul><li>Consumer Options Upon Completion </li></ul></ul>
  18. 18. Dispute Cycle
  19. 19. Credit Scores <ul><li>What is a credit risk score? </li></ul><ul><li>Why do lenders use credit scores? </li></ul><ul><li>Do inquiries impact a credit risk score? </li></ul><ul><li>How does a consumer get a higher score? </li></ul>
  20. 20. How do you protect your credit record? <ul><li>Pay your bills on time </li></ul><ul><li>Maintain an awareness of your credit payment history </li></ul><ul><li>Give the appropriate information when applying for credit </li></ul><ul><li>Do not apply for more credit than you need </li></ul>
  21. 21. Summary <ul><li>Storehouse of information </li></ul><ul><li>Legislated industry </li></ul><ul><li>Many products to support customers </li></ul><ul><li>Developing more areas to support consumers </li></ul>
  22. 22. Questions?

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