WHAT ARE CREDIT BUREAUS? The three main credit bureaus are Equifax, Experian, and TransUnion. These organizations are part of a billion-dollar industry, and they manage various databases that banks and credit card companies subscribe to regularly to make lending decisions for most consumers in America. They also sell specialized information to collection agencies and other major industries. The credit bureaus maintain negative and positive financial records and payment histories for over 100 million consumers throughout the U.S. Congress has created a watch dog called the Federal Trade Commission to regulate the credit bureaus through a law named The Fair Credit Reporting Act (FCRA).
Posted on: Mon, 31 Mar 2014 18:52:55 +0000
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