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Credit Agencies

Credit agencies are entities that gather credit-related information from various sources, including lenders, creditors, and public records. They compile this data into credit reports, which provide a detailed summary of an individual’s or business’s credit history, including their borrowing and repayment behavior.
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Key Points

You can see the key points below.

Credit Reporting

Compiling and maintaining credit information from various sources to create credit reports for individuals and businesses.

Credit Scores

Calculating credit scores based on credit report data, which reflect an individual's or business's creditworthiness.

Lending Decisions

Providing credit reports to lenders and creditors to assist in making decisions about extending credit.

ICredit Monitoring

Offering credit monitoring services to help consumers and businesses track changes to their credit profiles and detect potential fraud.

Financial Transparency

Promoting financial transparency by providing access to credit information and facilitating fair lending practices.

Regulatory Compliance

Adhering to regulations such as the Fair Credit Reporting Act (FCRA) to ensure accurate reporting and protection of consumer rights.
In the United States, the three major credit reporting agencies are Equifax, Experian, and TransUnion. These agencies collect data from a wide range of financial institutions, utility companies, and other creditors to compile comprehensive credit reports for consumers and businesses alike.
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