Is Credit Reporting Optional??

Is this you?? Are you afraid to look at your credit report? Afraid of looking at the debt and accounts that may be hurting your consumer report?

I have a challenge for you if you are up to it. I challenge you to find a law that states credit reporting is mandatory.

While you’re searching for that law, what if I tell you about a law that indicates credit reporting is “optional”?

When you get some time, Google “15 U.S.C 6802(b).” You’ll see that any institution involved with financial activities, defined in 12 U.S.C 1843(k), are required to give you the option to opt-out of sharing information.

This statute says that financial institutions can not disclose nonpublic personal information to parties that have nothing to do with the transaction.

This poses the question..Are the activities along our consumer credit reports financial in nature? Take a good look.

This isn’t legal advice, but when I look at my consumer credit report, every account or inquiry involves some type of transaction that involves money. Whether it be student loans, auto loans, or mortgage.

To the point above, the section says institutions have to give the consumer the option to “𝗼𝗽𝘁 𝗼𝘂𝘁” of reporting to third parties and make it clear in the disclosures. The law also states the institution has to explain the procedure as to how a consumer can opt-out.

I can’t tell you what to do, but I can tell you that I would look at my contracts and see if the firms provided me an option to decline reporting and if they clearly explained how to do it (wink)

You can always give me a follow on Instagram @that_moneyhacker !!!