Credit plays a large role in American society. Consumers use credit when making purchases and obtaining loans. There are three major credit bureaus: Experian, Equifax and TransUnion. Each maintains its own unique database of consumer information.
History
In 1899, the first major credit reporting agency, Retail Credit Co., came into existence. The company sold its consumer reports to employers and insurers, and expanded by buying up small credit reporting agencies.
Significance
Credit bureaus house both personal information and credit information on consumers. According to TransUnion, its database alone contains credit files on 500 million consumers around the globe.
Function
Lenders report consumer data to credit bureaus, although they are not required to. Credit bureaus then make this data available to lenders and other credit providers in the form of a report. Bureaus assemble one report for each consumer.
Features
Credit reports contain personal information, such as name, Social Security number, address, positive and negative account data and inquiries from lenders. It also contains public records and collection accounts.
Misconceptions
Under the Fair Credit Reporting Act (FCRA), consumers have the right to dispute incorrect data on a credit report. The bureau then has 30 days to investigate and make corrections. Bureaus are not, however, required to remove accurate, negative information from a credit report.
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