LIST OF CONSUMER REPORTING COMPANIES
Know when to check a report
Lending standards have tightened over the past year. Many banks have increased minimum
required credit scores and tightened loan terms.
2
In this market, you should be vigilant about
managing your credit standing. Fact-check your consumer credit reports from the three
nationwide consumer reporting companies (Equifax, TransUnion, Experian) every twelve months
to ensure they are accurate and complete
, especially if you intend to rent, or purchase with credit,
a home or car, or otherwise intend to apply for credit in the near future. In response to the
Coronavirus (COVID-19) pandemic, you can now request your credit reports for free weekly from
each of the nationwide consumer reporting agencies through April 2021. There isn’t just “one”
credit risk score, so it’s important to focus on the reporting information itself from which risk
scores are derived. If you are applying for a job, home rental, or insurance policy, also fact-check
your background screening reports to ensure there are no
errors. We give you detailed tips on
when best to check those reports in the sections below as appropriate.
Data breaches are an unfortunate reality. Scammers are also taking advantage of the pandemic to
con people, and also engage in identity theft, for example, to steal unemployment benefits. It’s
another reason to check your consumer reports regularly. If you have been, or fear you may
become, a victim of identity theft, you can also consider blocking third-party access to your
consumer reporting data through a security “
freeze.” Below we tell you which company websites
offer additional information about your options to block third-party access to your consumer
reporting data for certain purposes. See also our
resources to avoid pandemic related scams.
Finally, be aware of additional options
to take greater control of your consumer reporting data,
including to opt-out from credit and insurance direct marketing you might not want to receive, and
conversely what to consider should you decide to share your financial data. There are also steps
you can take to help keep your personal information secure. These steps may include enrolling in
identity theft protection services. However, it’s important to understand the limits of identity theft
protection services, and to consider the free alternatives described herein, and by clicking-on the
hyperlinks we provide. As the FTC says, “
no service can protect you from having your personal
information stolen.”
2
See Federal Reserve, Senior Loan Officer Opinion Survey (Oct. 2020), available at
https://www.federalreserve.gov/data/sloos/sloos-202010.htm
.