Everybody knows what a credit report is and how important it is to your personal finances. Well here is another report that most people probably never heard of, but is just as important to your personal finances!
LexisNexis Full File Disclosure
LexisNexis Risk Solutions is a consumer reporting agency as defined by the federal Fair Credit Reporting Act (FCRA), a federal law that regulates, in part, who is permitted to access your consumer report information and how it can be used. LexisNexis provides consumer reports to businesses and government agencies in connection with the permissible purposes outlined in the FCRA, including insurance underwriting and credit transactions. They maintain a vast collection of public records obtained from Federal, state, and local sources, including civil and criminal courts, bankruptcy courts, public assessor’s offices, state property and tax offices, secretary of state offices, and various licensing agencies. LexisNexis also maintains a database of auto claims and property claims information contributed by insurance companies.
The Comprehensive Loss Underwriting Exchange (CLUE) is used by insurance companies for evaluating potential customers. There is one CLUE associated with auto insurance and one CLUE associated with property insurance. Currently, approximately 90 percent of American insurance companies participate in the service.
A CLUE report summarizes historical personal automobile and homeowner insurance coverage information. The report is used by insurance companies to confirm that you currently have home and/or auto insurance coverage and to identify any lapse or gaps in insurance coverage. CLUE also tracks insurance claims made, paid out, or rejected. Insurance providers use the CLUE database to find out information not only about the customer (you), but also about the property/auto to be covered. The information is used to determine your risk profile and the property/auto risk profile. (more about this later)
LexisNexis is not a credit reporting agency and does not create credit reports; however, LexisNexis is a reseller of credit information that is compiled and maintained by the three national credit reporting agencies (Equifax, Experian, TransUnion)
Previously, companies like LexisNexis could provide the contents of your personal file to all sorts of entities in virtual secrecy and you were powerless to dispute and correct the information your file contained. In fact, it was practically impossible for average consumers to even see what their file contained. Fortunately the Fair and Accurate Credit Transactions Act (FACT Act) was enacted in 2003 and amended the FCRA. The FACT Act provides various consumer protections and entitles consumers to obtain one free copy of their consumer file from consumer reporting agencies during each 12-month period.
While you may request a free CLUE (auto) and CLUE (property) report annually, I highly recommend you just go with a free annual LexisNexis Full File Disclosure report. The Full Disclosure Report contains the two CLUE reports and a whole lot more.
LexisNexis website:
The following is a description of the information that will be included in the LexisNexis Full File Disclosure packet that you receive:
?Two C.L.U.E.® (Comprehensive Loss Underwriting Exchange) Reports: one associated with auto insurance and one associated with property insurance. Each C.L.U.E. report summarizes insurance loss history information provided to LexisNexis Risk Solutions by participating insurance companies. This information is maintained and provided C.L.U.E. Inc. (a LexisNexis company) and is used by insurance carriers when you apply for auto or home insurance coverage to determine your risk profile.
?Two Current Carrier® Reports: one associated with auto insurance and one associated with property insurance. Each Current Carrier report summarizes historical personal automobile and homeowner insurance coverage information provided to LexisNexis Risk Solutions by participating insurance companies. This information is maintained and provided LexisNexis Risk Solutions Inc. and is used by insurance carriers to confirm that you currently have home and/or auto insurance coverage and to identify any gaps in insurance coverage.
?A RiskView Consumer Disclosure Report, which contains public record information including: personal identifying information, bankruptcy history, property ownership, deed ownership, and criminal and lien dataBanks, credit unions, credit bureaus and car dealerships use Risk View reports to determine creditworthiness. Please note: this report will be mailed separately from the reports listed above.
?A Life Electronic Inspection Report, which contains public record information including: personal identifying information, bankruptcy history, property ownership, criminal data, professional license and watercraft data. Please note: this report will be mailed separately from the reports listed above.
?A Loss Damage Waiver Report, which contains public record information including: personal identifying information, bankruptcy history, property ownership, criminal data, professional license and watercraft data. Please note: this report will be mailed separately from the reports listed above.
LexisNexis, Access Your Personal Information
https://personalreports.lexisnexis.c…nformation.jsp•Instructions for Requesting Your LexisNexis Full File Disclosure
https://personalreports.lexisnexis.c…-Form_pg-1.pdf•Protecting Your Information Through Authentication
https://personalreports.lexisnexis.c…-Form_pg-2.pdf•Full File Disclosure Request Form
https://personalreports.lexisnexis.c…-Form_pg-3.pdf•Frequently Asked Questions
https://personalreports.lexisnexis.c…mation_faq.jsp