Want to Keep Your Money Safe? This Is the One List You Need

Photo by pathdoc / Shutterstock.com

What does your credit card company have in common with your bank and insurance company?

Each reports information about you to a repository, or uses information from such a repository to evaluate you — or both.

Consumer reporting companies maintain these repositories. Thanks to the Consumer Financial Protection Bureau, you can learn everything you need to know about these companies and the data they collect and share from a single cheat sheet at the federal agency’s website: the “List of consumer reporting companies,” which the CFPB recently updated for 2019.

The information in consumer reports can impact almost every aspect of your finances. The CFPB explains:

“Consumer reporting companies collect information and provide reports to other companies about you. These companies use these reports to inform decisions about providing you with credit, employment, residential rental housing, insurance, and in other decision-making situations.”

So, you need to know what’s in your consumer reports. That information can help you with everything from understanding why you were charged a higher insurance rate than expected to determining whether you’re a victim of identity theft.

We explain this further in stories like:

Know your rights with consumer reporting companies

The CFPB stresses that you have the legal right to:

  • Obtain a copy of your consumer reports. Consumer reporting companies are required to give you the information in your reports if you request it. They can charge no more than $12.50 for reports requested in 2019, although many must provide them for free.
  • Dispute inaccuracies in your consumer reports. This is critical to rectifying errors that may cost you money or that resulted from identity theft.

How to use the consumer reporting companies list

The CFPB’s list of consumer reporting companies names these businesses, grouped by type. There are companies that track such things as your checking account history, your insurance coverage and losses, and your medical conditions and drug purchase history.

The list also tells you exactly what kinds of data a company tracks.

Most importantly, the list includes contact information for requesting a report from or disputing an error with a company. It also specifies the circumstances under which you can get a report for free.

What’s your take on consumer reporting companies? Share your thoughts below or on Facebook.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
7 Big Purchases You Should Never Make

Sometimes a big-ticket purchase is nothing more than a big waste of money.

How to Get the Best Possible Deal on Car Insurance

This is the last article on understanding and shopping for car insurance that you’ll ever need.

Top 5 Activities That People Dream of Doing in Retirement

No. 1 isn’t visiting grandkids, and No. 4 might surprise you.

How Much of My Social Security Benefit Can My Ex Take From Me?

A man wonders if his ex-wife will siphon away his Social Security benefit.

This Chase Card Is Great for Groceries and Cash Back on Everything

You could earn more than $600 cash back in your first year just from grocery shopping.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
If You Find This Thrift Shopping, Buy It

Whether you resell it for a big profit or add it to your own wardrobe, this type of clothing is a hidden steal.

10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

This Simple Mistake Might Weaken Your COVID-19 Vaccination

Avoid doing this before you get vaccinated.

10 Cars You Are Most Likely to Keep for 15 Years

The cars that owners hold onto the longest have one thing in common, a new study shows.

3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

Taking a Multivitamin? Here’s Why You Should Reconsider

A new study has bad news for the millions of Americans who spend money on multivitamins.

13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

11 Products Now in Short Supply Due to the Pandemic

Many goods we take for granted have become tough to find in 2021.

9 Things You Should Never Leave in a Car

Thinking of leaving these possessions in a car? Prepare for unexpected consequences.

9 Mistakes People Make When Cleaning With Vinegar

Cleaning with vinegar can save you a lot of money, but using it like this can cost you.

8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

10 Things Successful Retirees Do Differently

These habits and characteristics can help put you on the track to success.

7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

Prepare to Pay More for These 31 Drugs in 2021

More than 700 prescription medications have seen price hikes so far this year. Here’s a look at the worst.

7 Costly Health Problems That Strike After Age 50

As we age, our bodies wear down. Here is how to cut costs associated with some common ailments.

29 Purchases That Can Save You Money Every Day

Sometimes, you’ve got to spend to save.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.