//Regulated Services// also known as Credit Report

Any disclosure of a Consumer Report to the consumer to whom it relates, including the Annual report Disclosure A consumer file is also commonly referred to as a "credit report" or "a "disclosure"

negative - not paid in time positive - done the terms

annualcreditreport.com

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• A credit report is a summary of your financial history
• it contains information such as mortgage you may have, student load, and credit cards that may be in your name
• Lenders use this information to make a certain decision about you
• You can get a free copy of your credit report once a year from each of the nationwide consumer credit reporting agency
• Make sure to check your credit regularly

What's in Disclosure:

1. Personal identifying information (PII)
   • Nane, address, SSN, DoB
2. Credit accounts
   • current and past accounts reported by lenders and creditors
3. Inquiry Information
   • information about companies that reviewed your credit report
   • hard inquiries (affect credit score) / soft inquiry (not affect credit score)
4. Bankruptcy public records
   • bankruptcy and related details about them, such as filing date
5. Collection accounts
   • past-due accounts that have been turned over to a collection agency

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How Long do Items Stays on a Credit Report:

• Most negative information generally stays on credit reports for 7 years
• Bankruptcy stays on your Equifax credit report for 7 - 10 years depending on the bankruptcy type
• Closed account paid as agreed stay on your Equifax credit report for up to 10 years

Negative Items:

• Late payment. up to 7 years from the original delinquency date
• Collection or charged-off accounts (7 years)
• Other negative accounts (7years)

Positive Items:

• Active accounts paid as agreed and remain as long as the account is open and the lender is reporting it.
• Closed account paid as agreed up to 10 years from the date it was reported

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Where does the information in a Disclosure Come From?

• Information reported by lender and creditors
• Some lenders or creditors may choose not to report an account to Equifax an account may also be closed and dropped

===== LESSON 2: DISCLOSURE REQUEST

Reasons Why Consumers May Request a Disclosure

1. Adverse Action
2. State Free
3. State Reduced
4. Fraud or Extended Fraud Alert
5. Unemployed
6. Curiosity
7. Public Welfare Assistance
8. Annual Free

Types of Disclosure Requests - Free Disclosure

• Consumer can receive up to 6 free* additional copies of their Equifax credit reports per year by creating a myEquifax account
• AnnualCreditReport.com = access a free "weekly" credit report from Equifax
• Experian offers IdentityWorks Premium which includes "quarterly" updates on their Equifax credit report

Exceptions:

• Covid-19 (free weekly disclosure)
• Breach Settlement (no longer charge a fee for the first 6 copies until 2028)

WHO CAN ACCESSING CONSUMER CREDIT REPORT

1. Individual pulling their own credit or file for personal knowledge
2. Student Loan Providers
3. Landlord or Apartment Owners
4. Government Agencies
5. Banks
6. Utility Companies
7. Employers
8. Creditors
9. Insurance Companies
10. Collection Agencies

Requirements - Authentication

• Consumer (with exception of the third-party) are able to use any secure channel to authenticate themselves and provide a request reason in order to request a disclosure.

• You "cannot" give any information out to a consumer who does "not pass authentication". (it violates FCRA)

• Consumer who fail to authentication: Submit Documents One document to verify the "Social Security Number (SSN)" AND "One" document to verify the "current address"

THIRD PARTY CONSUMERS Third Party request must be submitted via the "mail channel" due to required documentation. A third party is any person that is not the consumer.

Example to validate third party identity Driver's License State Issue ID Card Passport

Exmples to validate the third party

• Birth certificate of Minor
• A Court Order
• Power of Attorney
• Death Certificate
• Foster Care Documents

• Deceased Consumer - Third party who utilize "death certificate" in order to obtain a deceased consumer report.