Got U'r Credit Report-Think U'r Covered?

Many of us have gotten our credit scores from the big three credit reporting companies. Experian, Equifax, and TransUnion and think we can rest easy. Not according to the Consumer Financial Protection Bureau.

I was aware that most doctors use a separate database. They do this because even if a patient's credit score is good doesn't necessarily mean someone pays their medical bills. I became aware of this because someone we know personally does medical billing and left the cat out of the bag.

I'm also aware insurance companies maintain their own records as well. When I switched my homeowners insurance they already knew about a claim I made three years prior to my application with my old one.

Don't even think of not telling a car insurance company about any priors. They too maintain their own database shared among themselves. Keep in mind that the department of transportation in most states also provides this kind of information to them for a fee.

Even retailers have a special database they use for customers who chronically return items.

Who can blame them with people being what they are.

What I wasn't aware of is just how many consumer reporting databases there are. The CFPB list about 40 of these along with information for each. Some comply readily with a request. Others resist by making it difficult and time consuming. It's doubly difficult, if not impossible, for a consumer to get his/her record corrected.

Imagine if some landlord hated your guts. Or that someone parted ways with their employer after popping off. Or someone falsely assumed your identity. Many people remain puzzled why they were turned down for a job, renting an apartment, getting loan or insurance.

Was it because of one of these databases?
In all likelihood none of these will tell you and the law doesn't require them to.

Privacy: Here you thought it was only the government you had to worry about.