How to See Information Collected About You by Consumer Agencies
When you apply for a job, auto insurance, life insurance, bank account, or even an electricity bill, chances are good that the company you are talking to will negotiate with other companies called Consumer Information Agencies (CRAs) to find out your previous history. By law, you have the right to see what these reports contain.
You are probably familiar with three major credit reporting bureaus: Equifax, Experian, and TransUnion, but many other agencies collect your information for the purpose of selling reports to landlords, insurers, banks, employers, and other companies. According to the annual medical report :
There are about 400 consumer information agencies in the US, with three companies dominating the market – Equifax Information Services LLC, Experian Information Solutions Inc. and TransUnion LLC. In addition to the Big Three credit reporting bureaus, there are hundreds of other “nationwide specialized consumer reporting agencies” that also collect and sell personal information about consumers, such as bank histories, health data, medical payments, rentals, employment, and insurance payments. … These specialized credit reporting companies collect or evaluate a consumer’s personal information and then sell it to third parties. The Consumer Financial Protection Bureau (CFPB) warns consumers that:
“Nationwide dedicated consumer awareness agencies focus on specific industries such as insurance. There are a lot of such companies. “
Many important decisions are made on these CRA reports, so it is in your best interest to make sure the information is accurate, just like you should check your credit report annually (because more than a quarter of the reports are in error ). You cannot completely remove your information from these agencies, but you have the legal right to view the information and dispute it . It may be dependent on getting disability insurance, being denied it, or even a missed job opportunity.
Many bureaus will submit your report free of charge once a year after you complete several online forms or call; others will require a fee. The PDF below contains a list of major consumer information agencies, their contact information, and how to prepare the report.
List of Consumer Information Agencies (PDF) | Consumer Financial Protection Bureau