Transcript of "Secret Credit Bureau"

NBC11, Brad Hicks, "Cover Story," January 11, 2003

BRAD HICKS: A secret credit bureau may be collecting your information and selling it without your knowledge. You've heard it's a good idea to order your credit report from the big three credit bureaus? But this fourth one is operating off the radar. Most people have never even heard of it. In tonight's cover story, how to find out what this so-called secret credit bureau has on you.

[Flashing logo: "Cover Story." Clip of a woman walking through a car lot at dusk above the words: "Cover Story: Secret Credit Report"]

Ruth Odom is in the market for a car. She guards her credit by checking it regularly. She knows about Experian, TransUnion and Equifax. But has she ever heard of Innovis?

ODOM: Innovis? No, I have not.

[Scene change to another woman sitting in her living room.]

KRISTY WELSH: Innovis is just the latest and greatest upcoming credit bureau.

HICKS: Kristy Welsh is the author of "Good Credit Is Sexy." She says Innovis has suddenly become a major player, dealing in the kind of personal information you find in your credit report.

WELSH: Bankruptcies show up, foreclosures, credit cards, those kinds of things.

[On screen: pictures of envelopes for credit solicitations.]

HICKS: Innovis sells your information to companies that compile mailing lists for things like charge cards. Negative information on your Innovis report could prevent you from getting favorable credit offers. And the information isn't always correct.

[Scene change to Deana Wade sitting in her office.]

Some people have complained to the Better Business Bureau about mistakes on their Innovis report.

WADE: They're involving information that are on people's credit reports that was incorrect information.

[On screen: computer screen shot of Innovis Web site.]

HICKS: The information was corrected, but what's maddening to credit experts is how difficult it is to contact Innovis. The big three offer credit histories on line. The Innovis site? Not a link, not a phone number, not a word how to do it.

WELSH: Well, they're kind of moving by stealth in my opinion. They're not broadcasting that they're around.

HICKS: Innovis declined an on-camera interview, but issued a statement saying, "Innovis Is Not Involved In Providing Services That Can Result In The Denial Of Applications For Credit, Insurance Or Employment." The company claims its only product, FailSafe, tells marketers about customers who are credit risks. When asked if they plan to expand their services or if they shared information with other credit agencies, the company gave no reply.

[On screen: animation showing NBC11's Web site.]

Now, we have found the number to call to see what Innovis has on file about you, and we've put that number on our Web site, NBC11.com. The report will cost you $8.

And the law says if you've been denied credit because of something on your credit report, you can get that information free.

[END]