The Fair Credit Reporting Act requires dozens other types of financial information companies to give consumers free access to their personal data. These companies routinely collect information about your rental history, medical conditions, and employment background. Listed below are some of the key companies required to give you free access to your information on an annual basis:
The Work Number. This company, which quietly gathers information on your job and income history, does not attract much publicity, but its information is routinely given to large employers, banks, and government agencies. If The Work Number has erroneous information about your background, it could negatively impact your ability to secure a large loan, or find new employment. You are entitled to one free report each year from The Work Number, and you should certainly take advantage of this requirement.
MIB Group. This data collector is the primary source of personal consumer information for insurance companies looking to issue disability, life, or long-term care insurance. Before extending these packages, however, insurance companies look to MIB Group for in-depth information on consumers’ health history. And if MIB Group has flawed data, it could defeat your ability to secure an insurance package at a reasonable rate. This company is also required to give you a free annual report.
Other data collectors. The list of data collectors changes fairly rapidly, but the Consumer Financial Protection Bureau keeps a list of the specialty consumer reporting companies that are required to provide consumers annual reports upon request. Check out the federal agency’s website for further information.
And requests for data from these companies are relatively easy, thanks to new regulations that require these agencies to make the process fairly simple. A reporter for The New York Times recently submitted requests to both MIB Group and The Work Number, and he received his reports in less than two weeks, though he noted that neither company had much information about his past.
For more information on protecting the information held by consumer reporting agencies, and ensuring that it is correct, contact an Illinois consumer debt attorney today.