P O Box 1440
Lexington, SC 29071
803-254-1171 800-345-2746
Fax 888-571-7222
Chris Bane – cbane@icscredit.com
Eddie Roof – eroof@icscredit.com
PO Box 1440, Lexington, SC 29071 800-345-2746 www.icscredit.com
Innovative Credit Solutions, Inc. provides individual and business credit information as well as court and
criminal history to small businesses and property owners for the purpose of granting credit, residential
screening, employment screening and other purposes as permitted under federal, state and local laws.
We offer efficient and economical access to Equifax and TransUnion credit bureaus for individual and
business reports. National Background Data is our provider of criminal reports. Membership in ICS will
allow you to access these consumer reporting agencies through our website. This instant information on
prospective customers, employees or tenants will help you make the right decision quickly.
Consumer files are protected by the Fair Credit Reporting Act (FCRA). Our members are required to follow
these FCRA guidelines for using consumer information. Members must have a permissible purpose and
supporting documentation including a signed authorization to access consumer files. Reports may not be
pulled for personal reasons on yourself, family or friends.
Our company, founded in 2000, is located in Lexington, South Carolina. We qualify our members through
an application process that includes an on-site inspection of their business. Join us today and allow us to
be the solution to your reporting needs.
phone: 800-345-2746
fax: 888-571-7222
PO Box 1440, Lexington, SC 29071 800-345-2746 www.icscredit.com
Membership in Innovative Credit Solutions will give you access to protected information from the Equifax or TransUnion
consumer reporting agencies. These agencies supply the same basic information about the consumer. You must sign
and complete a membership application and bureau agreement forms.
Consumer Reporting Agencies (Equifax and TransUnion) have mandated guidelines to ensure that information is
distributed and maintained in a secure environment, used in a manner consistent with state and federal requirements and
provided only to end-users who have a permissible purpose for the use of the data. A third party vendor will physically
visit the business to ensure compliance with these guidelines. Inspection contractors look for signage, evidence of
business activity, and certify that the location is a secured environment. The security includes having lockable office
doors, lockable file cabinets, password protected personal computers and a small paper shredder.
Upon final approval, we will send you a website link with your username and password. You must have signed
authorization from the consumer to obtain their file. Consumer reports must be used for permissible purposes only.
Permissible purpose is a legally allowable purpose for inquiring about a consumer's personal information. These
purposes include legitimate business needs such as housing or employment applications of the consumer, credit
transactions, court orders and subpoenas. Permissible purpose is defined in Section 604 of the Fair Credit Reporting Act
(FCRA). [15 U.S.C. § 1681b]. You may not pull reports for personal reasons on yourself, family or friends. You are
required to retain supporting documentation for each transaction.
There is an initial payment of $150 that includes $75 membership fee that is renewable annually and $75 set-up fee for
the on-site inspection. See pricing option table.
Consumer Credit Report
Employment Credit Report
Criminal Background Report
Option 1 - $15 per consumer credit report
Option 2 - $7.50 per consumer credit report
with a $20 monthly minimum
Option 3 - $5.00 per consumer credit report
with a $50 monthly minimum
Business Credit Report
Business Owner Profile
Canadian Business Report
Driver Records Report $12.75 to $22.75 depending on State
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Innovative Credit Solutions
October 2011
Dear Chris,
Our newsletter will keep you updated on issues relating to consumer credit reporting
and inform you on what additional products are available for background screening.
The information will help you make better decisions about your customers, tenants, or
Credit scores from a consumer's prospective.
Give Yourself Some Credit
J.D. Roth / Liz Weston
Knowing What your credit report says about you - and how you rank - is critical to
maintaining financial health in your business and in your personal life.
Do you know your credit score? When was the last time you checked your credit
report? Your credit history plays a key role in your financial future, yet most people
are blissfully ignorant of how credit scores work - and how to improve them.
Companies like Fair Isaac use secret formulas to crunch data from your credit report,
comparing it to millions of other people. Such formulas spit out a single number that
helps banks and credit cards companies decide how much to lend you and what
terms. This number is your credit score (the most common from Fair Isaac, is called
the FICO score).
"A good credit score can make a big difference in a small-business owner's life" says
Liz Weston, author of Your Credit Score, Your Money & What's at Stake. She notes that
while there are lots of different credit scores out there, most lenders base their
decisions on your FICO score.
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So, how can you boost your score? There's only one way to improve your score
quickly, and that's if there is untrue negative information. If you have somebody
else's account showing up on your credit report and you get that taken off, for
instance, you're likely to see a quick improvement in your score. Other than that, it's
really a game of small improvements over time.
To build your score:
Pay off debt. The most powerful thing you can do to improve your score is to reduce
your credit utilization. The less you use your credit limit, the better the score.
Pay on time. If your FICO score is 780, a single late payment can drop it 100 points.
Limit new accounts. Opening new accounts has a small but noticeable effect on your
credit score. Keep new accounts to a minimum, especially if your planning a big
purchase (like a home or car).
Don't close old accounts. This may seem counterintuitive, but to maximize your
credit score, keep accounts open, but unused. If you have to close an account or two,
close newer accounts before old ones.
Keep tabs on your credit. Even small errors can hurt your score. Check your credit
report regularly and get problems corrected.
By law, each of the major credit reporting agencies - Equifax, Experian, Trans Union -
has to let you review your credit report for free once a year. You can get reports from
all three at once, or you can stagger requests. The website to obtain the free reports
is www.annualcreditreport.com. Like it or not, your Financial future is affected by your
financial past. Even a mediocre credit score can cost you tens of thousands of dollars
over your lifetime. Raising your credit score is pure profit.
Not Enough Credit to Generate a FICO Score?
Consumers that have limited or no credit:
One in four adults has either no credit history or not enough active credit to generate a
FICO score, according to estimates from FICO, the company that pioneered credit
Many times, consumers with no credit history are new to the world of credit. They can
find themselves in a Catch-22 scenario, says Jennifer Tescher, president and CEO of
the Center for Financial Services. "You need to have a credit history to get credit," she
says. "And you need to have credit to build (a) credit history. "A "thin file" means they
don't have much of a track record with credit. Either they have only a few accounts,
or their credit is relatively new, or both, says Maxine Sweet, vice president of public
education for Experian. While "thin file" consumers have passed the initial hurdle, they
could still "have a much harder time" qualifying for certain credit products, such as
credit cards or "instant" in-store
Some of the groups at risk for no credit or a thin file include young adults, the elderly
(if they haven't used credit in awhile), new immigrants and people who avoid credit. If
someone is working to establish credit they should go slow, be very selective in
applications and nurture existing accounts. Never pay late, and -- with credit cards --
keep balances reasonable. With a thin file, even small mistakes can make a big
difference in the score, says Ethan Dornhelm, principal scientist with FICO, which
developed the FICO score.
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How to get a perfect credit score
by Jeanine Skowronski
There are certain things that we discover are just illusions as we grow up: Santa
Claus, the Easter Bunny and the Fountain of Youth are a few.
However, much like Bigfoot, one myth persists well into adulthood -- the perfect credit
score. Some swear they've seen it, but others think it's impossible.
There really is such a thing, and about a million Americans have one. If you want to
join that elite club, get started now (the age of your credit counts).
"Never in my life have I met anyone with an 850 credit score," Bruce McClary of
Clearpoint Credit Counseling Solutions, who has worked in the credit industry for
years. According to FICO, the company that designed our current credit model, these
overachievers are out there. Craig Watts, a spokesman for FICO, says that while most
people score in the middle to low 700s on their credit scale, less than 1% of the U.S.
population (about 1 million people) do, in fact, net a full score of 850.
"They tend to be more conservative and a little older," Watts explains. He adds that
these individuals also tend be rather humble, which may explain the near-mythic
status they have inadvertently achieved. We don't get too many of them in our
forums," he admits. "They aren't the type of people who stand up on a bus and tell
everyone they scored an 850."
People who don't share their scores aren't likely to share their secrets for attaining
them either, which is unfortunate, considering that the credit elite obtain the lowest
annual percentage rates, get the best credit card rewards programs and qualify more
readily for large loans. It's a noble goal to try to achieve," McClary says. However, he
explains that you don't need to reach perfection to be considered among the credit
elite. "In reality, you don't have to have an 850," says John Ulzheimer, a former FICO
employee now with Credit.com. Those with a FICO score above 760, he says, are
typically privy to the same benefits as those with perfect credit. Of course, a score
that high isn't easy to achieve either. To reach the top tier you have to master the
basics -- maintaining positive payment history and a low debt-to-credit ratio.
Business Reports
The Experian Business Credit Report consists of
general business information and presents a current,
comprehensive, and objective picture of how a
business handles its financial obligations.
The report includes trade payment
information, public record, legal, and company
background data, which conveys not only a
company's ability to pay, but its willingness to pay.
Trending sections and historical payment
information indicate how a
business' payment performance has evolved over
We are available to help - contact us at 800-345-2746 or e-mail questions to
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Thank you for your business.
Chris Bane
Innovative Credit Solutions
$ 25.00 Refer a colleague / business
and get a gift card if they become a
Offer Expires: December 30, 2011
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Para información en español, visite www.consumerfinance.gov/learnmore o escribe a la Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, DC 20552.
A Summary of Your Rights Under the Fair Credit Reporting Act
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many
types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and
rental history records). Here is a summary of your major rights under FCRA. For more information, including information about additional rights, go to
www.consumerfinance.gov/learnmore or write to: Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, DC 20552.
You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your
application for credit, insurance, or employment or to take another adverse action against you must tell you, and must give you the name, address, and phone
number of the agency that provided the information.
You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency (your “file
disclosure”). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free. You
are entitled to a free file disclosure if:
o a person has taken adverse action against you because of information in your credit report;
o you are the victim of identity theft and place a fraud alert in your file;
o your file contains inaccurate information as a result of fraud;
o you are on public assistance;
o you are unemployed but expect to apply for employment within 60 days.
In addition, all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer
reporting agencies. See www.consumerfinance.gov/learnmore for additional information.
You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may
request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In
some mortgage transactions, you will receive credit score information for free from the mortgage lender.
You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the
consumer reporting agency, the agency must investigate unless your dispute is frivolous. See www.consumerfinance.gov/learnmore for an explanation of dispute
Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete, or unverifiable information
must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that
is more than seven years old, or bankruptcies that are more than 10 years old.
Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need usually to consider an application
with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.
You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a
potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry. For more information, go to
You may limit “prescreened” offers of credit and insurance you get based on information in your credit report. Unsolicited “prescreened” offers for credit and
insurance must include a toll-free phone number you can call if you choose to remove your name and address form the lists these offers are based on. You may opt out
with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688).
The following FCRA right applies with respect to nationwide consumer reporting agencies:
You have a right to place a “security freeze” on your credit report, which will prohibit a consumer reporting agency from releasing information in your credit
report without your express authorization. The security freeze is designed to prevent credit, loans, and services from being approved in your name without your
consent. However, you should be aware that using a security freeze to take control over who gets access to the personal and financial information in your credit report
may delay, interfere with, or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, or any other
account involving the extension of credit.
As an alternative to a security freeze, you have the right to place an initial or extended fraud alert on your credit file at no cost. An initial fraud alert is a 1-year alert
that is placed on a consumer’s credit file. Upon seeing a fraud alert display on a consumer’s credit file, a business is required to take steps to verify the consumer’s
identity before extending new credit. If you are a victim of identity theft, you are entitled to an extended fraud alert, which is a fraud alert lasting 7 years.
A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing
account that requests information in your credit report for the purposes of reviewing or collecting the account. Reviewing the account includes activities related to
account maintenance, monitoring, credit line increases, and account upgrades and enhancements.
You may seek damages from violators. If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer
reporting agency violates the FCRA, you may be able to sue in state or federal court.
Identity theft victims and active duty military personnel have additional rights. For more information, visit www.consumerfinance.gov/learnmore.
States may enforce the FCRA, and many states have their own consumer reporting laws. In some cases, you may have more rights under state law. For more
information, contact your state or local consumer protection agency or your state Attorney General. For information about your federal rights, contact:
a. Consumer Financial Protection Bureau
1700 G Street, N.W.
Washington, DC 20552
b. Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, N.W.
Washington, DC 20580
(877) 382-4357
a. Office of the Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
b. Federal Reserve Consumer Help Center
P.O. Box 1200
Minneapolis, MN 55480
c. FDIC Consumer Response Center
1100 Walnut Street, Box #11
Kansas City, MO 64106
d. National Credit Union Administration
Office of Consumer Financial Protection (OCFP)
Division of Consumer Compliance Policy and Outreach
1775 Duke Street
Alexandria, VA 22314
Asst. General Counsel for Aviation Enforcement & Proceedings
Aviation Consumer Protection Division
Department of Transportation
1200 New Jersey Avenue, S.E.
Washington, DC 20590
Office of Proceedings, Surface Transportation Board
Department of Transportation
395 E Street, S.W.
Washington, DC 20423
Nearest Packers and Stockyards Administration area supervisor
Associate Deputy Administrator for Capital Access
United States Small Business Administration
409 Third Street, S.W., Suite 8200
Washington, DC 20416
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Farm Credit Administration
1501 Farm Credit Drive
McLean, VA 22102-5090
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, N.W.
Washington, DC 20580
(877) 382-4357
Disclaimer of Warranty: Because this service involves information provided from other sources, Innovative Credit Solutions, Inc. cannot and will not be an insurer or
guarantor of the accuracy of reliability of the service of data released or stored. Innovative Credit Solutions does not guarantee or warrant the accuracy, timeliness,
completeness, currentness, merchantability or fitness for a particular purpose of the service. Information in the service or the media on or through which the services are
provided and shall not be liable to Subscriber or to any of the Subscribers customers for any loss or injury arising out of or caused in whole or part by Innovative Credit
Solutions, Inc. acts or omissions, whether negligent or otherwise, in procuring, compiling, collecting, interpreting, reporting, communicating or delivering the services or
information therein.
Name of Firm: Federal Tax ID#
Other business name(s) or dba: Web Address:
Phone: Fax: E-mail:
Physical Address (No PO Box numbers)
City: State: ZIP Code:
Business Established: Month Year How long at current address: Years Months
Does your business operate from a residence YES NO Number of Employees:
Contact Name: Title:
Phone: Fax: E-mail:
Company name as listed with Directory Assistance:
Nature of your Business (be specific):
Services offered or products sold:
Permissible Purpose/Appropriate Use:
Extending Credit
Employment Purposes
Tenant Screening
Describe the specific purpose for which credit information will be used.
I will will not be requesting consumer reports in
California Vermont
Business Hours: Business Days:
Billing Contact: Phone: E-mail:
Cost to Activate Account: $75.00 Annual Fee & $75.00 Set-Up Fee (onsite inspection) = $150.00
Option 1: $15.00 per consumer credit report
Option 2: $7.50 per consumer credit report with $20.00 Monthly Minimum
Option 3: $5.00 per consumer credit report with $50.00 Monthly Minimum
American Express
Credit Card #: Expiration Date
Name on Card:
Billing Address on Card: City State Zip
Federal regulation requires that ICS, Inc. conduct an onsite property observation of your company. In most cases, this must be conducted prior to your account being
established. Please note that ICS, Inc. contracts with a vendor to conduct these property observations and that vendor will be contacting you on behalf of ICS, Inc. to
schedule an appointment. (The vendor usually contacts you within three days of receipt of application.)
I certify that I will use the Experian, Equifax, TransUnion background information for no other purpose other than what is stated in the Permissible Purpose/Appropriate
Use section on this application and for the type of business listed on this application. I will not resell the report to any third party. I understand that if my system is
used improperly by company personnel, or if my access codes are made available to any unauthorized personnel due to carelessness on the part of any employee of
my company, I may be held responsible for financial losses, fees, or monetary charges that may be incurred and that my access privilege may be terminated. By
signing below I authorize Innovative Credit Solutions, Inc. to charge the above listed credit card for all services provided. I certify that the above information is
accurate. By signing, I warrant that I have the authority to sign on behalf of the company. I acknowledge that an onsite inspection will be required for new customers.
A copy of the Company business license is included with this application.
Principal’s Name (please print)
Title or Position:
Principal’s Signature (required):
Phone: 1-800-345-2746
Fax: 1-888-571-7222
P O Box 1440
Lexington, SC 29071
ICS 07.13