CFPB to Supervise Credit Reporting
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) adopted a rule today to begin supervising larger consumer reporting agencies, which include what are popularly called credit bureaus or credit reporting companies. This is the first time these companies will be supervised at the federal level.
“Credit reporting is at the heart of our lending systems and enables many of us to get credit, afford a home, or get an education,” said CFPB Director Richard Cordray who will be speaking at a field hearing on Monday in Detroit. “Supervising this market will help ensure that it works properly for consumers, lenders, and the wider economy. There is much at stake in making sure it is both fair and effective.”
Consumer reporting agencies are private businesses that track a consumer’s credit history and other consumer transactions. Such companies play a key role in the consumer financial services marketplace and in the financial lives of consumers. For example, the reports that the three largest credit reporting companies sell are used in determining everything from consumer eligibility for credit to the rates consumers pay for credit.
Although a small number of large businesses dominate the credit reporting market, there are about 400 consumer reporting agencies in the U.S. The market includes: the largest credit reporting companies that sell comprehensive consumer reports; consumer report resellers that buy consumer information from the largest agencies then typically provide further input to the report by, for example, merging files from multiple agencies, to resell them; specialty consumer reporting companies that primarily collect and provide specific types of information like on payday loans or checking accounts; and companies that analyze consumer report data.
The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the CFPB to supervise nonbanks in the specific markets of residential mortgage, payday, and private education lending. For other markets for consumer financial products or services, the CFPB has the authority to supervise nonbank “larger participants” as defined by rule.
Today’s rule states that the CFPB will for the first time supervise consumer reporting agencies that have more than $7 million in annual receipts. The CFPB’s supervisory authority extends to an estimated 30 companies that account for about 94 percent of the market’s annual receipts. Altogether, the three largest credit reporting companies issue more than 3 billion consumer reports a year and maintain files on more than 200 million Americans.
Previously, consumer reporting was subject, at the federal level, only to law enforcement authority. And authority to write rules under the federal law governing this system was shared among several agencies. No single federal government agency could adequately see the entire picture of what was happening in these companies. Now, the CFPB will be authorized to supervise the larger consumer reporting agencies as well as write rules and enforce the law as needed.
The CFPB’s approach to supervising credit reporting will be just like its approach to supervising banks and other nonbanks already subject to CFPB supervision. The companies will be subject to review of compliance systems and procedures, on-site examinations, discussions with relevant personnel, and they will be required to produce relevant reports.
The rule outlining the CFPB’s supervision of this market will be effective Sept. 30, 2012. The CFPB will begin its first exams thereafter. Before it begins exams, the CFPB will publish exam procedures that will provide guidance on how it will be conducting its monitoring. The CFPB has issued similar procedures for other companies that it is currently supervising, including mortgage originators, mortgage servicers, and payday lenders.
In February, the CFPB issued a proposed rule to supervise the credit reporting and debt collection markets. The CFPB started with those two markets because of their widespread impact on consumers. The public weighed in on the CFPB’s proposals, and today’s rule is a result of that process. The CFPB plans to finalize its “larger participant” rule on debt collection this fall, and plans to propose additional “larger participant” rules in the future.
The CFPB is also releasing a Consumer Advisory about credit reports and a series of questions and answers about credit reporting in its ‘Ask CFPB’ database. The advisory highlights for consumers the importance of checking their credit reports, what to look for in their reports, and how to dispute mistakes. It also lays out easy steps consumers can take to monitor their credit, protect against identity theft, and request fraud alerts if they think they have or are about to become a victim of fraud or identity theft.
List of consumer reporting companies
You have a meaningful role to play to ensure the data about you maintained by consumer reporting companies is accurate and complete.
You know your credit report is important, but the three nationwide consumer reporting companies—Equifax, TransUnion, and Experian—aren’t the only companies that collect information on you. Other companies collect information and prepare consumer reports about you—and you have a right to see those reports. This list of consumer reporting companies gives you the details you need to take action.
2025 list of consumer reporting companies
This list includes the three nationwide consumer reporting companies as well as other companies that focus on certain market areas and consumer segments. Download the list as a PDF for our best tips to help you identify the kinds of consumer reporting companies that might be important to you and to learn more about how you can see and act on your data. For a concise list of each company and contact information, download the CSV or click on “See all companies”.
Know your data
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.
Who can see your consumer reports
Consumer reporting companies must follow legal restrictions, but generally can provide consumer reports and risk scores to an array of businesses, including:
- Lenders (including those that offer credit cards, home, payday, personal, title, auto including auto leasing, student loans, security deposit financing and lease guarantees on home rentals, and buy-now-pay-later (BNPL) products)
- Employers and volunteer organizations (pre-employment screening and on-going employee monitoring)
- Government agencies to determine eligibility for government assistance
- Landlords and residential real estate management companies for short- and long-term residential property rentals (tenant screening)
- Banks, credit unions, and merchants that accept personal checks and electronic funds transfer (EFT) payment transactions (check screening)
- Companies that provide short-term lending, rent-to-own lending, and certain other products and services specifically to lower-income consumers and subprime credit applicants
- Debt buyers and debt collectors
- Insurance companies (health, life, auto and other property insurance screening)
- Telecommunication and utility companies (e.g., mobile phone, pay TV, electric, gas, water)
- Retail stores for product return fraud and abuse screening as well as retail stores that offer financing such as appliance and rent-to-own businesses, among others
- Gaming establishments and casinos that extend credit to consumers and/or accept personal checks for gambling and sports betting
Know when to check a report
With the exception of employment screening, users of your reporting data generally don’t warn you in advance when they’re about to take an adverse action against you based in whole or in part on your consumer report. That’s why the accuracy and completeness of your consumer reporting data is extremely important.
Check your reports regularly
It’s important to review your credit reports from the three nationwide consumer reporting companies—Equifax, TransUnion, and Experian—every twelve months to ensure they are accurate and complete. This is especially important if you intend to purchase a home or car with credit, or otherwise intend to apply for credit in the future.
Check your reports before making financial decisions
If you are applying for a job, an insurance policy, or a lease, you should fact-check your background screening reports to ensure there are no errors.
Check your reports if you think you may be a victim of identity theft
Data breaches are an unfortunate reality. It’s important to be aware of your options to take greater control of your consumer reporting data.
Fact-check your reports and consider blocking third-party access to your consumer reporting data through a security “freeze.”
Resources to take action
How to request a report
, all consumer reporting companies are required to provide you a copy of the information in your report if you request it.
You are also entitled to a free credit report every 12 months from each of the three nationwide consumer reporting companies—Equifax, TransUnion, and Experian. You can request a copy through AnnualCreditReport.com
As a result of a 2019 settlement, all U.S. consumers may also request up to six free copies of their Equifax credit report during any twelve-month period through December 2026. These free copies will be provided to you in addition to any free reports to which you are entitled under federal law.
You have the right to dispute the information in your reports
If you find information in your consumer reports that you believe is inaccurate or incomplete, you have the legal right to dispute the report’s content with the consumer reporting company and the company that shared the information with the consumer reporting company, such as your lender.
Under the FCRA, companies must conduct – free of charge – a reasonable investigation of your dispute.
If you have complaints about your consumer reports
The Bureau handles consumer reporting complaints about report accuracy and completeness errors, credit repair services, and other consumer reporting topics. If you are dissatisfied with a company’s investigation of an earlier dispute, if you believe your consumer report was used improperly, or if you have problems getting access to your own consumer reports you may consider submitting a complaint.
Page last modified Jan. 30, 2025 @ 10:18 AM EST
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