Consumer Reporting Agencies
Consumer reporting agencies (or “CRAs”) are companies that collect and sell information about consumers to be used for credit evaluation and certain other purposes. Examples of CRAs include ChexSystems, Telecheck, and Experian (although there are lots of other examples). These companies hold and collect the data that makes up your credit report and credit history. CRAs must follow certain laws such as the Fair Credit Reporting Act. One feature of the Fair Credit Reporting Act is that you are eligible to obtain a copy of your Credit Report from any CRA. Also, the Fair Credit Reporting Act requires that CRAs keep accurate data on each consumer. If there is an error in your credit report, you should be able to get it fixed!
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