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SOURCE: Purpose Inc.
RoadFish.com remarks about the Consumer Financial Protection Bureau’s recent warning to specialty consumer reporting firms to make credit reports free and accessible, and urges consumers to take advantage of their right to a free yearly credit check
Los Angeles, CA (PRWEB) December 05, 2012
RoadFish.com men’s lifestyle and finance magazine today issued their observations on the Consumer Financial Protection Bureau’s (CFPB) recently administered warning to several small specialty firms that they may be going against the Fair Credit Reporting Act by not providing free and easily accessible annual reports to consumers. RoadFish.com supports CFPB’s efforts and encourages consumers to take advantage of these free annual reports, to help them shape the state of their personal finances and credit score.
Jim Puzzanghera of the L.A. Times recently reported that most consumers are aware that they get an annual free credit score report from each of the three large credit bureaus (Experian, TransUnion, and Equifax.) What many consumers don’t know is that there are dozens of lesser-known, smaller consumer reporting companies across the nation that are also required to provide data to consumers upon request. However, some of these specialty firms that track consumer data such as rent payments, insurance claims and employment history have not been providing federally required free annual reports to consumers, according to Puzzanghera’s article. He reports that a bulletin was sent to six anonymous specialty firms warning that they must make these reports both free to consumers as well as easily accessible, meaning that they must provide a toll-free number from which requests for the reports can be made.
RoadFish.com commends the CFPB for taking such action, and urges consumers not to let it be in vain. RoadFish.com’s Senior staff writer is quoted as saying, “Organizations like the Consumer Watchdog and the Consumer Financial Protection Bureau are taking action on behalf of American consumers, and as consumers it’s our job to make sure that it’s not for nothing. To me, it’s comparable to having the right to vote, then not voting when the elections come around, and then complaining about the administration—except that this of course is on a much more personal level. You’ve got the tools available to you to make an impact in your personal finances and credit score, now go use them! Take advantage of your annual free reports and credit checks.”
The above-mentioned L.A. Times article states that according to CFPB officials, it is vital that consumers possess the ability to check reports from the small firms as well as the large ones to make sure that their information is correct. If some data is erroneous, it may appear on that consumer’s credit report, which could have quite a negative impact on the associated credit score. CFPB’s director, Richard Cordray, is quoted as saying, “Nationwide specialty consumer reporting agencies can have great influence over a consumer’s tenancy, insurance premiums, or even employment.”
RoadFish.com urged its readers to stay on top of their credit status for reasons other than simply maintaining a good score and to get good interest rates on loans. RoadFish.com’s Senior staff writer is quoted as saying, “These days, it’s not unlikely for a landlord or management company to run a credit check before you can get an apartment. We’re not even talking taking out a loan—that’s standard practice to rent a unit, even with a mandatory security deposit. Also, employers are running credit checks on potential employees now. Gone are the days where it was only banks looking at credit scores. Luckily for us, I believe that we have more tools at our disposal than ever to help us manage our finances and maintain a good score.”
The Consumer Financial Protection Bureau posted a blog on its website letting consumers know that they are allowed one free annual report from these nationwide specialty consumer reporting companies, and included a list of some of the smaller firms the blog is referring to.
RoadFish.com is a lifestyle and finance magazine directed at male readers, generally in their 30’s and 40’s. The magazine includes content such as luxury items like coveted mens luxury watch brands and clothing lines, unique travel destination suggestions, and dating tips. RoadFish.com also offers personal finance advice such as ways to strengthen one’s credit score and how to make healthy financial decisions. RoadFish.com is owned and operated by Purpose, Inc.
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