Consumer Credit Reporting Agencies | eHow In the United States, the three largest consumer credit reporting agencies (also known as credit bureaus) are Experian, TransUnion and Equifax. When you give an individual or company permission to check your credit, they will almost always be looking at a credit report from one or more of these three companies. Federal laws govern the ways in which credit reporting agencies do business. The most significant laws include the Fair Credit Reporting Act (FCRA) and the Fair Credit Transactions Act (FACTA). These laws regulate who has access to your credit report, what you can do to challenge wrong information, how long negative information can remain on your report, and gives both recourse and protections to victims of identity theft. Some state laws place additional restrictions on the use of consumer reports as well as the information that can be placed on them. Two good examples of state law that offer consumers additional protections are Californias Investigative Consumer Reporting Agencies Act (ICRAA) and the Consumer Credit Reporting Agencies Act (CCRA). Under the ICRAA, consumer reports are restricted with a few exceptions, such as how long a criminal conviction can be reported. The FCRA has no such restrictions. The CCRA requires employers to notify employees each time they run a credit or background check, unless they are investigating employees for wrongdoing. Under the FCRA, once an employee gives an employer permission to conduct a credit or background check, the employer does not need to notify the employee if it later requests additional reports. In addition to the three major consumer credit reporting agencies, there are several other consumer reporting agencies that specialize in specific types of information. For example, ChexSystems monitors a consumers banking behavior and can let a bank know whether an individual has a past history of bouncing checks. MIB Group is an insurance reporting agency that keeps records of an individuals use of health insurance. Central Credit reports on gamblers debts. According to the FCRA, a specialty consumer reporting agencys reports are used by its clients to make decisions about housing, employment or insurance these agencies are subject to FCRA rules.
Posted on: Thu, 25 Dec 2014 12:09:53 +0000