You already know that your credit use is tracked and reported by the three major credit bureaus, and that we access those credit scores in making lending decisions.
Are you aware of the many other ways your activity is being monitored?
There’s a 19-page report from the Consumer Finance Protection Bureau giving us all kinds of data and contact info for other ways our consumer activity is watched. Industries collect information on a variety of matters, from insurance to medical to employment, not to mention payday loans and check writing histories, and format reports about us.
Some of these reports only become available to the consumer if adverse action has been taken. Others allow one free report per year. Some charge, at a maximum fee of $11.50.
Check out the list at http://files.consumerfinance.gov/f/201207_cfpb_list_consumer-reporting-agencies.pdf. It’s pretty comprehensive, and will remind you that the way you conduct your financial life is important, and “someone” is watching.
Tammy Engel is your local Mortgage Advisor, and was voted a Favorite in the Best of Tehachapi poll for Real Estate Professional and Customer Service. Contact her at 661/822-REAL for help with purchase, refinance, or reverse mortgage.