Salary Information on your Credit Report
Posted: Wednesday, March 28, 2018
Checking your credit report is standard protocol for the average consumer. Accessing your credit file to review the information reporting is essential to your financial well-being. Did you know that in addition to account information, credit reporting agencies also collect salary information on consumers?
Subsidiary Credit Reporting Agencies
Credit reporting agencies, such as Equifax, are made up of subsidiary credit reporting agencies that gather and store employment data on consumers including payroll information. Equifax Workforce Solutions ("EWS") and other agencies collect data on consumers from a large number of employers, including Fortune 500 Companies, government agencies, and small businesses. Companies then request reports from EWS to receive salary data and work history information about potential employees.
Protecting Your Salary Information
In light of the recent Equifax data breach, it is possible to protect your salary information. First, as a consumer, you need to be aware that this type of credit report exists. Next, just like your regular consumer report, you can request an “Alert” be placed on your salary report. An Alert requires that any company requesting your salary or employment history must contact you first. You may also opt to put a “Freeze” on your salary report. A Freeze will prohibit access to any company attempting to request your salary data. While this option is your legal right under the Fair Credit Reporting Act (“FCRA”), it may also inhibit you from gaining employment.
Reviewing Your Salary Report
Under the FCRA, you are also entitled to review your salary report and dispute any inaccurate information in your credit file. Just as you are entitled to one free consumer report annually, you are also entitled to a free copy of your salary report from EWS. If any of the data on your workforce report is inaccurate, you may dispute the information with the credit reporting agency and request that any errors be corrected.
If you believe your rights have been violated under the FCRA, contact SmithMarco P.C. for a completely free case review.