Rocket Money requires users to enter their personal information and link their financial accounts to use its services, like budgeting and subscription cancellation. Once enrolled, Rocket Money then reports users’ financial information and credit history to third-party “partners” where it is used for advertising and marketing. However, Rocket Money does not maintain the procedures required by federal law to obtain proper consent to share this information with third-parties. If you have created or used a Rocket Money account within the past two years, you may be entitled to up to $1,000 in compensation.

Rocket Money advertises itself as a personal finance management app that helps its users monitor their spending and loans and cancel or re-negotiate recurring subscriptions. Users link their financial accounts, like bank and credit card accounts, to Rocket Money’s financial data tracking systems. Rocket Money then additionally shares users’ personal credit information with third-party partners such as mortgage or auto loan companies for advertising or marketing purposes.

Under the Fair Credit Reporting Act, a federal law, companies can only share credit information on consumers for certain permissible purposes. The law requires these reporting companies to maintain numerous additional processes for protection and transparency, including using reasonable procedures to verify the accuracy of your credit reports, making your report available to you, providing a channel for you to dispute incorrect information, and to verify either the identity of the person or business that is seeking your credit information.

We are pursuing private arbitration claims against Rocket Money on behalf of its users whose sensitive credit information was shared for impermissible marketing purposes, and for failing to maintain the required protection and transparency procedures required by law. Successful claims could be entitled to compensation of up to $1,000, along with additional damages depending on your state of residence.