Credit Scores

You may know about the three biggest nationwide credit reporting companies: Experian, Equifax, and TransUnion. But did you know that there are other companies out there that may be providing reports on you that could be used to decide if you’re eligible for consumer financial, insurance, medical and other products?

Today the CFPB is posting a list of consumer reporting companies – companies that collect information and write reports that could be used to decide if you will be able to get credit, insurance, or a job. This list doesn’t cover every company in the industry. It’s a list of companies that have identified themselves as consumer reporting companies or provide consumers access to their consumer reports. (1) The list includes both the biggest nationwide credit reporting companies and a longer list of “specialty reporting companies.”

Specialty reporting companies focus on certain industries. Just like the three biggest nationwide credit reporting companies, specialty reporting companies collect and share information with creditors and other businesses. There are a lot of these companies on the list, so we’re also trying to give tips on which of them may be important to you. The list also has information about how you can get copies of your reports (see below).

So we encourage you to take a look at the list of companies and think about which ones might be reporting on you. It’s important to ask for your report from those companies so you can correct any mistakes or see whether anyone’s been trying to hijack your identity. For example, if you’re going to rent a new apartment or home, ask the landlord what tenant background company they use, if any.

You can access the list here. Keep the following in mind:

• You should check your reports from at least Experian, Equifax, and TransUnion every year, which you can do for free at AnnualCreditReport.com.
• The list includes information on companies that will provide free reports.
  • Just like the biggest credit reporting companies, there are nationwide specialty reporting companies, and they have to give you one free report every 12 months, upon request.
  • Additionally, consumer reporting companies will provide a free report “>if an adverse action has been taken against you based on information in your report or under other specific circumstances.
• You may not need to check with every single specialty company on the list. Many may not even have any information about you. But you may want to check with some or all of these companies:
  • If you were a victim of identity theft or think someone may have fraudulently cashed checks under your bank account;
  • Before applying for insurance;
  • Before applying for a lease;
  • If you’ve applied for a new job and your potential new employer asks for your written authorization to get a report.
  • The type of information collected may vary by the company and its specialty industry.
• You have to request the reports individually from each reporting company. Different companies collect information about different things: your medical records or payments, residential or tenant history, check-writing history, employment history, or insurance claims.

You’re welcome to read through the entire list top-to-bottom. We’ve also arranged it by specialty, and you can follow links from the first page to the appropriate section of the list. The list covers the following specialties:

• Nationwide Credit-Reporting Companies
• Specialty Reporting Companies:
• Check screening and check history
• Payday lending reports
• Auto and property insurance history
• Alternative/supplementary credit reports
• Utilities
• Rental history
• Medical
• Employment/background

If you have information about this list that you’d like to share with us – for example, if you work for a specialty reporting company that’s not on this list and should be – please email us at CFPB_Specialty_Reporting@cfpb.gov. For tips on keeping a good credit score and managing credit, explore Ask CFPB and the CFPB’s blog.

1. This list includes entities that have identified themselves as consumer reporting companies or particular types of consumer reporting companies or have indicated when they provide consumers access to their consumer reports. The list incorporates information from the companies’ own self-descriptions that has not been independently verified by the Bureau. It is not intended by the Bureau to be an all-inclusive list, nor does it reflect any determinations by the Bureau as to whether any particular entity is or is not subject to the Fair Credit Reporting Act or any part thereof or complying with it. Furthermore, presence on or absence from the list does not indicate whether the consumer reporting company is subject to the CFPB’s supervisory authority.

For the first time, consumer reporting agencies will be subject to a federal supervision program. Earlier today, we held a field hearing today in Detroit for the announcement with remarks from Richard Cordray, CFPB Director, as well as testimony from consumer groups, academics, industry representatives, and members of the public. Director Cordray said:

[The credit reporting] system must merit our trust and confidence for the credit markets to be perceived as fair. We all share in this responsibility. But the credit reporting market is not one where consumers can shop around among different providers, for people have no choice about whether to have any of the credit reporting companies keep track of their credit history. That is why the Consumer Bureau’s new authority is so important, and why it must be exercised carefully and effectively.

Archived footage is available below. You can also read Director Cordray’s full remarks right now.

More on credit reporting

See the rule that establishes our consumer reporting supervision authority.
Read a consumer advisory on checking your credit score.
Find a credit reporting company that specializes in a particular area like medical history, employment history, etc.
Tell us your story about credit reporting.
Tweeting about the event our our announcement? Use #CreditReporting.

Video coverage of today’s event

We invite you to participate in a field hearing in Detroit, Michigan on credit reporting.

The field hearing will take place on Monday, July 16, 2012, at 11:00 am in the Detroit Institute of Arts, 5200 Woodward Avenue, Detroit, Michigan.

The field hearing will feature remarks from Richard Cordray, CFPB Director as well as testimony from consumer groups, academics, industry representatives, and members of the public.

This event is open to the public and requires an RSVP. To RSVP, email your full name and your organizational affiliation (if any) to cfpb.events@cfpb.gov.

Credit scores are important for consumers. They affect the rate of interest on a mortgage, credit card, or auto loan and can even play a role in whether you get auto or homeowners insurance. We have created a printable advice sheet on how you can get and keep a good credit score. To learn more, see the report we issued last week examining the differences between credit scores sold to consumers and scores used by lenders to make credit decisions.