While most of us have heard of the Big 3 credit reporting agencies (Equifax, Experian and Trans Union), few of us have heard of ChoicePoint. ChoicePoint is a credit reporting agency that was spun off of Equifax a few years ago. However, instead of focusing on financial information, Choicepoint provides your personal information of potential employers and insurance companies.
According to its own website, ChoicePoint “it helps speed and facilitate the insurance underwriting functions by providing quick and easy access to up-to-date information.” ChoicePoint provides information to insurance companies about you and your driving history and also provides underwriting services “decision systems” and 24 hour access to agents to evaluate whether to insure you and at what rate.
Unfortunately, if they provide false information, you could be denied a job, insurance coverage or pay significantly higher rates then you should be paying if your correct information was reported. A recent client of ours found this out the hard way, when she noticed that her insurance rates were increasing dramatically. However, she hadn’t gotten any speeding tickets and hadn’t been in a wreck. It turned out that ChoicePoint was reporting to her insurance company someone else’s wreck on her credit report. Despite her disputes, ChoicePoint refused to remove the information until they were served with a lawsuit. To see a copy of the lawsuit, click here.
If you haven’t already checked your Choicepoint report, you can go to their website at http://www.choicepoint.com/index.html to pull your report. If you seen any inaccurate information, you need to dispute that information in writing with ChoicePoint, remembering to keep a copy of your signed dispute letter sent the dispute by certified mail.
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