Credit Reporting Agencies
Credit reporting agencies maintain electronic records of your credit activities. This day, there are three major national credit bureaus: Equifax, Experian and Trans Union. If you are planning on applying for a loan or credit anytime in the near future, it’s a good idea to obtain a copy of your credit report.
Several different credit reporting agencies exist, and different creditors can prefer to work with specific ones or with all of them. While many people know that credit reporting agencies exist, they might not be sure as to exactly what services these agencies perform.
The Fair Credit Reporting Act was amended a few years ago to beef up consumer privacy. Under its rules, you are legally entitled to obtain your credit report from a credit reporting agency. This includes receiving a list of everyone that has requested your report.
The credit reporting agencies compile these reports in the credit file that holds your past reports, and the reports in the file can stay there for years before they finally expire. It is from these files that credit reporting agencies generate your credit score and create a credit report on you when it is requested.
Alongside of the compiling of reports from creditors, the credit reporting agencies are also responsible for generating your credit score so that potential lenders and creditors can try and determine how much of a credit risk you may be. Your credit score has the potential to change with each positive or negative report that is received and put into your file… positive reports can improve your score, while negative reports bring it down.
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