A credit reporting agency (CRA) is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. This helps lenders assess credit worthiness, the ability to pay back a loan, and can affect the interest rate and other terms of a loan.
Credit reporting agencies maintain files on borrowers. Lenders making credit decisions buy credit reports on their applicants and customers from the credit reporting agencies.
Your report details your credit history as it has been reported to the credit reporting agency by lenders who have extended credit to you. Your credit report lists what types of credit your use, the length of time your accounts have been open, and whether you’ve paid your bills on time. It tells lenders how much credit you’ve used and whether you’re seeking new sources of credit. It gives lenders a broader view of your credit history than do other data sources, such as a bank’s own customer data.
Who are the major credit reporting agencies?
Most US consumer credit information is collected by 3 major credit bureaus (CRA’s): Equifax, Experian (formerly known as TRW), and TransUnion. These organizations are for-profit businesses and possess no government affiliation. Here is the contact information for the 3 major CRA’s:
Equifax
P.O. Box 740241, Atlanta, GA 30374; (800) 525-6285; www.equifax.com
Experian
P.O. Box 2104, Allen, TX 75013; (888) 397-3742; www.experian.com
TransUnion
P.O. Box 2000, Chester, PA 19022; (800) 680-7289; www.transunion.com
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