The Consumer Financial Protection Bureau (CFPB) recently published the 2020 edition of its list of consumer reporting companies. The list identifies entities that collect information about consumers and explains when and how to request the various consumer reports that are compiled about you.
The “big three” consumer reporting companies – Equifax, TransUnion, and Experian – are not the only entities that compile these reports. A host of other companies found on the CFPB list collect data about consumers and sell it to other companies who use it to make decisions about ordinary needs like housing, employment, insurance, and subprime credit.
It is critical to access your reports regularly and review them for any errors. You should check your reports before purchasing a home or car, applying for a job or housing, or if you think you may have been a victim of identity theft. Errors on consumer reports are common and often lead to negative outcomes, such as being denied for a job, apartment, mortgage loan, or other form of credit.
Consumers play an important role in ensuring the accuracy of their reports. The law requires all consumer reporting companies to provide you with a copy of the information in your report upon request. Consumers can request free annual reports from each of Equifax, TransUnion, and Experian through the website www.AnnualCreditReport.com. Additionally, due to a 2019 settlement, consumers can request up to an additional six free copies of their Equifax report per year for each of the next seven years.
If you find an error on any of your consumer reports, please contact our office to see if we can help you get it corrected. Our attorneys have extensive experience helping clients fix consumer reporting mistakes. We will meet with you free of charge to discuss your case, and if we take it, we will handle your case on a contingency basis, meaning there are no out-of-pocket costs to retain our services and you only pay our contingency fee if we settle your case or obtain a judgment on your behalf.