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Consumer Financial Protection Bureau: Demand Uniformity and Simplicity in Credit Report Formats

This petition had 185 supporters

Mandate credit-reporting guidelines for the benefit of consumers! The Consumer Financial Protection Bureau (CFPB) must compel the three national credit-reporting agencies, Experian, Equifax and TransUnion, to create a uniform, identical, easy-to-read and simple-to-understand annual free credit report for consumers. The report should be provided to the consumer in a printable format without advertising.

Since the passing of the Fact Act Amendments of 2003 to the Fair Credit Reporting Act of 1968, the three credit-reporting agencies (CRAs) were mandated by law to provide consumers access to the only truly free credit report once a year from each of them via Since that time, the CRAs provide this information to consumers, but with their multiple formats they also make it difficult and confusing to read, and discouraging to ask for every year.

Presently, each of the credit-reporting agencies has their own format when providing us with the free annual credit report. Experian begins their report with negative items, followed by accounts in good standing, then inquiries. Equifax starts their report with a credit summary, followed by account information, inquiries, then negative information. Transunion displays personal information first, employment second, then satisfactory accounts. Furthermore, each of the CRAs has created numerous legends and prefixes for reading their reports, making a consumer feel helpless in understanding the information.

The only thing all three CRAs have in common is the continuous bombardment of messages on almost every page of the free annual credit report, offering consumers additional fee-based information and services, like consumer scores, credit-monitoring, and identity-theft protection packages, all of which are totally unnecessary.

While collected and cataloged by the credit-reporting agencies, individual credit information belongs to each consumer! Please support this petition to enable consumer access to uniform credit reports from each of the CRAs. By doing so, our efforts may help the millions of consumers who wish to effortlessly read and understand their credit reports, enabling them to make better financial decisions when applying for credit.

Nabil Captan

Captan & Company


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