Definition of Credit Information Companies

Legally, credit information companies or credit reporting agencies are charged with the responsibility of maintaining and issuing accurate bill-paying histories on adults, according to the Federal Trade Commission. The Fair Credit Reporting Act governs the major credit information companies and also protects citizen rights in the event of inaccurate credit reporting.

Identification

The major credit information companies in the U.S. are Equifax, Experian and TransUnion, according to the Federal Trade Commission. Each company must issue consumers one free credit report each year; the consumer must request this report and should consider only using the government-approved website AnnualCreditReport.com.

Time Frame

Positive accounts, such as on-time credit card payments, report for at least 10 years from the date of account closure, according to Experian. Most negative information, ranging from late loan payments to unpaid medical bills, reports for seven years from the date of delinquency.

Misconceptions

If you had an account go to collections and pay it, you still have the negative information on your credit report, according to Experian. Paid collections are still negative types of credit information and can potentially impact your ability to obtain new credit.