Consumer Reports and Your Consumer Rights

Consumer reporting companies collect your information and provides it to other companies in the form of a report. These reports are used by lenders, employers, landlords, banks, insurance companies, retail corporations, utility companies, gaming facilities, and any type of company that uses any method of verification in determining whether or not they will begin a financial relationship with you. These companies (in many different industries) use these reports to access the risk and make informed decisions about whether to extend you the line of credit, loan, or other financial interest you are seeking.

The 3 nationwide consumer reporting companies that we all know about are Experian, Equifax, and Transunion. These companies provide reports that usually include how much credit you have, the utilization history of your credit accounts, information from collection agencies about unpaid debts, medical bills, and public information like bankruptcies.

For Employment Screening there are several companies that exist who provide potential employers with verification of your credit history, employment and salary history, education and also professional license verification. Some may also provide criminal history from state and federal criminal record databases and your motor vehicle/license records.

Tenant Screening is another lane for consumer reporting. Tenant screening companies provide background information that can be used in any real estate related business transactions, to landlords, property management companies, real estate agents and/or brokers. The reports these companies provide include information on evictions, credit reporting hidtory, identity verification, and sometimes criminal background data.

Banks and credit unions use Check and Bank Screening companies to obtain reports that include negative information such as any unpaid balances, or bank accounts you may have had closed due to suspected fraud or some other type of negative , delinquent activity.

Insurance is another industry that will review your consumer report when you apply for insurance. You have personal and medical consumer reporting companies. Your specialty insurance report will show insurance claims, loss history associated with cars, homes, and other personal property. Your medical specialty report will likely be reviewed when you apply for life, health, long term care, disability income, or critical illness insurance. These reports will provide information about your medical conditions and prescription drug purchase history.

The casinos, your utility company, your local department store, along with the company types listed above all obtain some type of consumer report when you apply for their product or service. These companies are all under the same umbrella as the 3 major credit bureaus. They are consumer reporting companies who collect, house , and sell your personal and consumer information in the form of reports to other companies who use them to decide whether or not they gone fuck with you! You have rights as a consumer, you can request your consumer reports for free at least once every 12 months from all of the companies listed above, upon your request. This article is not for entertainment but it’s also not to be taken as literal , sound and legal advice regarding any credit, financial or life situation you are facing or decision you need to make. This is just the Soul Fed Goddess feeding your soul with some information you could use to help you in your pursuit of happiness.

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