Summary

In today’s digital age, safeguarding your personal information goes beyond just monitoring credit scores with the major credit bureaus. With the 2017 Equifax breach still fresh in people’s minds, awareness about data security has heightened. Most Americans know about the “Big Three” credit bureaus — Equifax, Experian, and TransUnion — but these are only a fraction of the many agencies collecting consumer information. This article explores lesser-known consumer reporting agencies, how they collect data, and how you can protect yourself by freezing your information with them.

🛡️ Innovis: Safeguarding Your Credit Profile

Innovis operates as a credit bureau similar to the better-known Equifax, Experian, and TransUnion. Although it may not have the same brand recognition, Innovis still holds critical credit information that lenders might use to assess creditworthiness. A freeze on your Innovis report can prevent unauthorized access, which is essential since some companies turn to Innovis when another bureau doesn't respond quickly. Avivah Litan, a cybersecurity analyst, explains that credit freezes generally prevent agencies from sharing your data with lenders, making it harder for fraudsters to take loans in your name.

If you decide to freeze your credit with Innovis, you can initiate the freeze by phone, mail, or online. The online process requires your basic personal details, including name, address, Social Security number, and birthdate. After submitting your request, you’ll receive a PIN by mail to lift the freeze when necessary.

Takeaways:

• Innovis, a lesser-known credit bureau, holds similar credit information as the "Big Three" credit bureaus.

• Placing a freeze with Innovis may protect you if a lender turns to Innovis data in case of unresponsive major bureaus.

• Initiate the freeze by phone, mail, or online; you’ll receive a PIN for future lifting of the freeze.

Key Terms

• Credit Freeze: A security measure preventing credit bureaus from releasing your information, which helps block fraudulent accounts.

• Innovis: A consumer credit bureau that offers credit reporting services, similar to the well-known Big Three.

🏦 ChexSystems: Your Banking History Protector

While credit bureaus track credit usage, ChexSystems focuses on banking activity, alerting banks to any suspicious behaviors before opening a new account. Freezing your ChexSystems report is crucial if you want to prevent fraudsters from opening bank accounts in your name. When someone has bad intentions, they can open an account in your name and overdraft, leaving you liable for fees. Financial advisor Roslyn Lash stresses that such actions can prevent you from opening future accounts until the issues are resolved.

Like Innovis, a ChexSystems freeze is free. The process is quick and can be done online. Just provide basic personal details and a driver’s license number, and a PIN will arrive by mail to control your freeze.

Takeaways:

• ChexSystems tracks banking activity and is referenced by banks before new account openings.

• Freezing this report blocks potential fraudsters from opening a bank account in your name.

• The freeze is free, and you’ll receive a PIN for future adjustments.

Key Terms

• ChexSystems: A reporting agency tracking banking activities, often consulted by banks before allowing new accounts.

• Overdraft: A bank account status where withdrawals exceed the available balance, potentially leading to fees.

🔍 LexisNexis: Protecting Your Broader Data Profile

LexisNexis gathers a broad range of data, from public records to insurance policy information. Insurance companies frequently pull reports from LexisNexis to assess risk factors, making it a prime target for identity thieves looking to exploit insurance benefits. Unlike other agencies, freezing a LexisNexis report might incur a small fee depending on your state, though it typically ranges from $0 to $10.

Requesting a LexisNexis freeze is best done via certified mail, according to spokesperson Jennifer Grigas Richman. While it’s a more manual process, protecting your LexisNexis report can save you from the risk of fraudulent insurance claims. Consider using templates provided by consumer protection offices for easy letter creation and customization.

Takeaways:

• LexisNexis compiles extensive consumer data, including public records and insurance histories.

• A freeze can protect you from fraudulent insurance claims and misuse of personal information.

• Mail-in requests are recommended, and freeze fees vary by state.

Key Terms

• LexisNexis: A data aggregator compiling information from public records, insurance data, and more.

• Certified Mail: A USPS service offering proof of mailing and delivery, ideal for important documents.

Conclusion

Freezing reports at Innovis, ChexSystems, and LexisNexis can strengthen your defense against identity theft, particularly if you’ve already frozen your data with the main credit bureaus. Although these freezes don’t secure your existing accounts, they prevent new, fraudulent accounts in your name. Keep in mind, however, that freezing reports can temporarily hinder your own account applications. When ready, consumers are encouraged to start with credit reporting agencies before considering ChexSystems or LexisNexis. By taking these steps, you regain some control over how and where your data is accessed, providing greater peace of mind in a data-driven world.