To: U.S. Congress, Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and National Credit Reporting Agencies (Equifax, Experian, TransUnion)

STOP Credit Bureaus from Profiting Off YOUR Data for FREE!

Petition Summary:

Every day, credit bureaus sell our financial history for billions of dollars, yet consumers receive nothing in return. It’s our data, and we deserve compensation!

National Credit Reporting Agencies (NCRAs) generate massive profits by collecting, storing, and selling our credit histories to lenders, insurance companies, landlords, and financial institutions—all without our consent or financial benefit. Consumers bear the risks of data breaches, identity theft, and unfair credit reporting practices, but credit bureaus walk away with billions in profits.

This system is fundamentally unjust and exploitative. We demand a new credit reporting model where consumers are fairly compensated whenever their credit history is sold or used for profit.

Why This Reform is Necessary:

1. Consumers Own Their Data – Our credit history is personal financial property. We should have the right to monetize or control its use, just as credit bureaus do.
2. Unjust Corporate Enrichment – Credit bureaus profit from our data without compensating us, despite the fact that they do not generate this information themselves.
3. Lack of Consumer Control – We don’t get a say in how our financial data is used, yet we take the risks of identity theft, fraud, and data breaches (such as the Equifax breach affecting 147 million Americans).
4. Economic Fairness & Digital Rights – In today’s digital world, data is currency. Consumers should be compensated for their financial records, just as companies pay for personal data in other industries.

 

 

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Our Demands:

     1. Establish a Consumer Credit Data Compensation System

• Credit bureaus must pay consumers whenever their credit history is used or sold.
• Implement a Consumer Credit Dividend Program where individuals receive direct payments from credit bureau profits.

     2. Fair Compensation Model: We propose the following logical payment structures to ensure that consumers are fairly compensated:

• Revenue-Sharing Model:
  - NCRAs charge lenders $5–$50 per credit report.
  - Consumers should receive $0.25–$2.50 per inquiry on their credit file.
  - Annual consumer payout: $2.50 – $25+ based on inquiries.
• Annual Consumer Credit Dividend:
  - A share of NCRA profits should be distributed to consumers each year.
  - Estimated payout: $50 – $500 per consumer annually, based on data usage.
  
  
• Subscription Opt-In Model:
  - Consumers should be able to opt-in to credit data sales in exchange for a subscription-based payment.
  - Estimated payout: $5 – $20 per month ($60 – $240 per year).
  
  
• Data Breach Compensation Fund:
  - If a credit bureau experiences a data breach, consumers should receive mandatory compensation for their risk and potential damages.
  - Compensation should range from $100 – $1,000 per affected consumer.

     3. Strengthen Consumer Control Over Credit Data

• Consumers must have the right to opt-in or opt-out of having their credit reports used for profit.
• Financial institutions should pay consumers directly for permission to access their credit reports.

     4. Amend the Fair Credit Reporting Act (FCRA)

• Recognize that credit history is a consumer-owned asset, not a corporate free-for-all.
• Require NCRAs to publicly disclose how much revenue they generate from selling consumer data.
• Strengthen consumer rights to access, control, and profit from their own credit history.
  
  

TAKE ACTION NOW! TAKE ACTION NOW! TAKE ACTION NOW!

The credit reporting industry generates approximately $10–$15 billion annually. Consumers should no longer be exploited for profit by credit reporting agencies. It’s time for economic justice and financial fairness!

SIGN THIS PETITION to demand that Congress, the CFPB, and the FTC take immediate action to require credit reporting agencies to PAY CONSUMERS for their data!

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Legal Disclaimer:

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