The new statute also ensures that no student loan servicers can mislead a borrower or engage in any predatory act or practice, misapply payments, provide credit reporting agencies
with inaccurate information, or any other practices that may harm the borrower.
To hold Equifax and other credit reporting agencies
accountable for future data breaches and to ensure that the victims are compensated quickly and fairly, Oversight Committee Chairman Elijah Cummings and I recently introduced legislation in the House to impose mandatory penalties for breaches, require cybersecurity inspections and compensate consumers for stolen data.
As one of the largest global consumer credit reporting agencies
, Equifax recognizes the importance of collaboration and coordination in protecting consumer data and cybersecurity.
DataX Ltd., an alternative data credit reporting agencies
, offers premier financial management solutions to businesses through a suite of advanced products focussed on mitigating risk and improving profitability.
The Debtors Legal Clinic (the "Clinic") sent separate letters on behalf of each plaintiff to PRA, stating "the amount reported is not accurate." PRA later reported each debt to credit reporting agencies
without noting that the debt was "disputed." Plaintiffs each filed a suit against PRA for violations of the FDCPA, alleging that PRA communicated their debts to credit reporting agencies
without indicating they had disputed the debt.
The federal Fair Credit Reporting Act (FCRA) of 1970 was enacted to ensure fairness, accuracy, and privacy of data collected by credit reporting agencies
. One of the outcomes of the FCRA is that it mandates that the three major credit reporting agencies
or credit bureaus: Equifax, Experian, and TransUnion each provide us with a personal credit report once every 12 months.
The other six types of companies were credit reporting agencies
, banks, mortgage brokers, online trading platforms, hedge funds and private equity funds, and credit card companies.
This collection of data is known as your Identity, and is collected and maintained by companies known as "Credit Reporting Agencies
Equifax is one of three major credit reporting agencies
in the US, along with TransUnion and Experian, and provides credit score reporting and monitoring services.
Most issuers, however, don't report positive payment history to the consumer credit reporting agencies
. Ask what their policy is before you apply.
All three credit reporting agencies
also offer fee based services so you can monitor your credit on a monthly basis and receive an alert of suspicious activity with your accounts.