More companies are collecting and selling access to people’s data, but consumers can check them for accuracy and to keep their information secure.
The data covers a range of information including individuals’ finances, employment information, check writing histories and rental history records,
While most are familiar with the three major credit reporting agencies – Equifax, Transunion and Experian – dozens of other consumer reporting companies collect and sell access to people’s data. The latest list of those companies from the Consumer Financial Protection Bureau (CFPB) provides information not just on those entities but how people can dispute inaccurate information and request a block for third parties to access their data.
“The number of companies and industries gathering, selling and using personal financial data continues to rise,” said CFPB Director Rohit Chopra in a release. “The CFPB’s consumer reporting company list helps consumers know who is collecting and selling their data, along with the steps they can take to freeze their reports.”
Many specialty consumer reporting companies exist to support different industries. This means personal financial data may be collected by and reported to a multitude of companies and individuals. This year’s list includes those that provide data to casinos and sports betting companies.
Along with financial information, social media data, driving behavior data collected via vehicles and digital devices, property insurance claims, drug and alcohol testing and health screening information, as well as nonprofit and volunteer activity verification, are among the various types of information being collected.
These data collection activities also can increase consumer risk, especially when consumers are unaware that it is happening, bureau officials said.
The list provides information on how consumers can request a security freeze on their data collected by the companies. A security freeze blocks third-party access to personal credit reporting data. It is the only solution available for free by law that can prevent scammers from opening new credit lines.