Investigative Credit Report
Investigative Credit Reports
For a higher fee, credit report agency will not only report your credit history on file, but will compile an investigative credit report much like a private detective. This credit report agency may contact your friends, employers, neighbors, and compile a file information about you, including and not limited to items such as, have a bad driving record, criminal background, have domestic problem, drinks, gamble or others habits that might influence potential lender or employer.
It is interesting to note that FBI also supplies information to some credit report agency or bureau. In return, the credit report agency supply the FBI with fingerprints and information they have.
When you apply for loan or jobs in large corporations you will normally required to sign a waiver allowing the institution and prospective employer to carry out such investigative with such credit reports agency. The credit report agency will required by law to notify you if a client request them to carry out such investigative credit reports.
What can I do If I received notification from credit report agency?
If you such notification, promptly submit a written request by certified mail to the credit report agency and ask for a full description of the investigation including what kind of question will be asked and whom credit report agency will approach on the relevant question. Credit report agency must respond within 5 days upon receiving your letters.
Upon receiving the respond from the said credit report agency you have the right to object to the types or particular question that will be asked in the process to create the said investigative credit report. The normal procedure is to try to convince the company that the type of information they are seeking has little or no effect on the loan or job application or whatever you are applying for. They may compromise and modify the investigation according to your request.
Do I have the right to stop investigation by the credit reports agency?
Yes, you do have the right to stop any investigation by credit report agency but of course the loan or job application will then fall through.
Am I allow to view the contents of the file?
If the investigative credit report compiled on you by the credit report agency is negative and results in disqualification you must be allowed to view the content of the file free of charge. Some credit report agency will not mail a file to your but required you to come in person to view the file.
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