Credit glossary
Consumer reporting agency
The FCRA's term for any company that regularly gathers information on consumers to sell reports about them to others.
The definition in 15 U.S.C. 1681a is broad. It covers the three nationwide credit bureaus and also specialty companies that report on bank accounts, rental history, insurance claims, utility and phone accounts, and employment. The law singles out nationwide specialty consumer reporting agencies, covering subjects such as tenant history, check writing, employment and insurance claims, and requires them to give you a free file disclosure once every 12 months on request.
The label matters because FCRA rights attach to it. Every consumer reporting agency must follow reasonable procedures to assure maximum possible accuracy and must investigate disputes, generally within 30 days. If a tenant screener or bank screening company gets your record wrong, you have the same dispute rights you'd use with Equifax. The CFPB keeps a list of these companies with links to each one's request process.
Guides that go deeper
- Specialty consumer reports: ChexSystems, tenant screening and moreBanks, landlords, insurers and utilities often check reports you've never seen. Who keeps them, how to get yours free, and how to fix errors in them.
- Freezing all the bureaus, including the ones nobody mentionsEquifax, Experian and TransUnion are three of the freezes you need. The other four, with each company's own freeze link, phone and mail address.
Sources
- 15 U.S.C. 1681a, Definitions, Legal Information Institute, Cornell
- 15 U.S.C. 1681j: Charges for certain disclosures, Legal Information Institute, Cornell Law School
- 15 U.S.C. 1681e: Compliance procedures, Legal Information Institute, Cornell Law School
- 15 U.S.C. 1681i: Procedure in case of disputed accuracy, Legal Information Institute, Cornell Law School
- List of consumer reporting companies, Consumer Financial Protection Bureau
This is education, not legal or financial advice. Spot an error? Tell us and we'll fix it.