Credit agencies, also called credit reporting agencies or credit bureaus, issue reports on whether or not people pay their debts as agreed. These debts usually include credit cards and loans. In the United States, the federal government regulates these agencies.
Types
Equifax, Experian and TransUnion are the three major U.S. credit agencies. They keep information regarding people's bill-paying history and issue it to potential lenders upon request.
Time Frame
Late payments and unpaid accounts usually are reflected on a person's credit report for seven years, according to the Fair Credit Reporting Act, or FCRA.
Identification
The Federal Trade Commission is charged with ensuring that all credit agencies comply with the FCRA when dealing with citizens' financial data.
Basic FCRA Rights
Under the FCRA, a citizen may request an investigation if they believe a credit agency is reporting incorrect information (such as a late payment that didn't happen.) The credit bureau is then expected to promptly investigate the claim.
Other Assistance
In some cases, citizens may also enlist the assistance of their state's attorney general, or they may file a small-claims court lawsuit if they believe a credit bureau has deliberately violated their rights.
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