Credit reporting agencies know much more about you than your number of credit cards or how much you owe on your mortgage. You may be surprised at the personal information collected by credit agencies and how many agencies are tracking your financial behavior.
TransUnion, Experian and Equifax are the biggest nationwide credit reporting agencies, but there are many smaller specialty agencies that focus on specific industries. They collect and sell your information, providing reports that help determine whether you get credit, insurance and other financial services.
In an effort to bring clarity to the reporting process, the Consumer Financial Protection Bureau recently compiled a list of 40 specialty reporting agencies. This list provides contact information and how to obtain copies of your credit report.
On November 29, the CFPB warned these specialty credit reporting agencies that they may be violating federal law by not providing consumers with easy access to credit reports. The Bureau released a bulletin reminding consumer reporting agencies of their legal obligation to provide a streamlined process for consumers to request a free annual credit report.
Here are some of the agencies and the information they collect:
* Chex Systems collects checking account applications, openings, and closures, including reasons for account closure. Many banks and credit unions will check this database before they approve a new account.
* DataX provides information on the credit history of subprime consumers.
* Insurance Information Exchange collects motor vehicle records, including traffic violations and accident reports.
* L.N. (Clue Auto Report) provides information about an individual’s automobile insurance coverage and losses.
* CoreScore Credit Report collects property tax filings; rental applications and evictions; property ownership and mortgage obligation records; payday loan and online lending information; bankruptcies; liens; and child support obligations.
* National Consumer Telecom and Utilities Exchange collects information on new connect requests, account and payment histories, defaults, and fraudulent accounts associated with telecommunications, pay TV, and utility (electric, gas, water) services.
* CoreLogic Teletrak has databases on property taxes, flood and disaster risk, criminal background, and evictions.
* LexisNexis Screening Solutions Inc. collects tenant history information.
* Medical Information Bureau collects information about medical conditions and data from insurance applications.
* First Advantage conducts background screening services.
* Telecheck provides information on check fraud and conducts check verifications for retailers that accept checks as payment in their stores.
LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. The LowCards.com Complete Credit Card Index is the most objective and comprehensive resource on the Internet which allows consumers to compare rates for over 1000 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for twelve years.
- Are You Buying Your Real Credit Score?
- More Than 40 Companies Keep Track Of Your Financial and Medical Information
- Feds Issue Warning to Specialty Consumer Reporting Agencies
- FTC Says 26 Percent of Credit Reports Have Errors
- Credit Card Data Makes Up Majority of Your Credit Report
- 50 Million Credit Card Consumers Now Have Access To Free Credit Scores