Gregg Marcus | Credit; Answers that everyone should have and can understand !

Our senators and congressman have passed numerous laws and regulations regarding the collection of information about how consumers pay their bills, which is what credit reports are supposed to show, and the rules for sharing that very personal information. They have legislation like the Equal Credit Opportunity Act (ECOA) to make sure all Americans have access to credit and the Fair Credit Reporting Act (FCRA) that entitles all of us to receive a free copy of our credit report when we are turned down for credit because of information it contains and (FACTA) that requires Creditors to provide consumers whose credit reports are used for lending decisions of any kind to receive a copy of their credit scores and a list of possible reasons that affect the scores.
First things first - you were promised an explanation of exactly what a credit report is, and how the system of credit reporting works. Companies that offer credit, for transactions like auto loans, credit cards, store charge accounts and mortgages report the payment histories of their customers to credit bureaus. Banks, cellular phone companies, national chain stores and local merchants - any business which extends credit to its’ customers benefits by using this picture of how a person pays their bills over time when deciding whether or not to approve the credit request and how much to lend. These large credit bureaus, also known as credit agencies, share this information with businesses that pay for each report they access. Their names are Experian, Equifax, and Trans Union. These for profit companies sell access to their data bases to smaller credit companies which sell combined versions of the information held by all three.

By: Robb Haufler

Our senators and congressman have passed numerous laws and regulations regarding the collection of information about how consumers pay their bills, which is what credit reports are supposed to show, and the rules for sharing that very personal information. They have legislation like the Equal Credit Opportunity Act (ECOA) to make sure all Americans have access to credit and the Fair Credit Reporting Act (FCRA) that entitles all of us to receive a free copy of our credit report when we are turned down for credit because of information it contains and (FACTA) that requires Creditors to provide consumers whose credit reports are used for lending decisions of any kind to receive a copy of their credit scores and a list of possible reasons that affect the scores. First things first - you were promised an explanation of exactly what a credit report is, and how the system of credit reporting works. Companies that offer credit, for transactions like auto loans, credit cards, store charge accounts and mortgages report the payment histories of their customers to credit bureaus. Banks, cellular phone companies, national chain stores and local merchants - any business which extends credit to its' customers benefits by using this picture of how a person pays their bills over time when deciding whether or not to approve the credit request and how much to lend. These large credit bureaus, also known as credit agencies, share this information with businesses that pay for each report they access. Their names are Experian, Equifax, and Trans Union. These for profit companies sell access to their data bases to smaller credit companies which sell combined versions of the information held by all three.

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