Your financial data isn’t just in the hands of big credit bureaus—it’s also collected by specialty reporting companies tracking everything from rental history to casino transactions. The Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies, helping consumers see who’s gathering their data and how to take control.
Who’s Collecting Your Data?
Many industries use consumer reports beyond lending and banking. Some lesser-known entities include:
- Casinos and sports betting apps (tracking cash flow)
- Employers (reviewing social media and driving records)
- Auto insurers (analyzing driving habits via mobile apps)
- Landlords (checking rental history and past evictions)
- Lenders (using bank account history for loan decisions)
With so many companies gathering personal data, consumers face increased risks, especially if they are unaware of who is collecting it.
Protect Your Financial Data
The CFPB’s list provides resources to help consumers protect their financial data. People can request their reports, often for free, to see what information is being shared about them. If a credit denial or other adverse action occurs due to a report, consumers have the right to dispute inaccuracies.
Another important tool is a security freeze. It blocks third parties from accessing credit reports, preventing scammers from opening fraudulent accounts. According to the Federal Trade Commission, fraud losses will reach $10 billion in 2023, making it more important than ever to secure personal data.
Key Takeaways
Hard inquiries, such as those from credit applications or rental screenings, can lower credit scores, making it crucial to monitor who is accessing reports. Bank account history also plays a role in lending decisions, with overdrafts and account closures potentially affecting eligibility for credit.
Surprisingly, some reports even include social media activity, volunteer work, and drug test results, influencing hiring decisions, insurance rates, and more.
Staying informed is the best way to protect financial data. Consumers can check the CFPB’s list to see which companies track their information and take action to safeguard their reports. To learn more or file a complaint, visit consumerfinance.gov or call (855) 411-CFPB (2372).