Most of us know or have heard of the three large credit bureaus, Experian, TransUnion, and Equifax, but did you know the list of credit reporting agencies (CRAs) is much larger than just those three? Many businesses contact consumer reporting companies for pre-employment screening, loan and credit card approvals, rental agreements, insurance premiums, and more. With so many businesses making decisions about you and your finances based on the information in your credit report, it is extremely important that the information is accurate. Credit reporting errors can be very damaging and costly.
When the information in your consumer report is incorrect, you have the right to get it corrected. Below is a comprehensive list of CRAs.
These are the major bureaus that maintain your credit history and credit scores. Errors here can affect loans, credit cards, mortgages, auto financing, and more.
Used for hiring, promotions, security clearances, and professional licensing. Outdated charges, mixed identities, and expunged records frequently appear in these reports.
Landlords and property managers use these to approve or deny rental applications. Mistaken evictions, wrong criminal records, or false debts can cost you housing.
Banks and retailers use these to determine whether they will open an account or accept checks. Errors can result in accounts being closed or denied.
Used to set auto, property, and personal insurance rates. Incorrect loss history or claim data can dramatically increase your premiums.
These companies compile alternative financial data for people with limited credit histories. Errors here can block access to essential services.
Provide identity verification, background screening, fraud detection, and data analytics. Errors may affect job offers, housing, financial services, or government programs.
Used by insurers and underwriters to assess risk. Incorrect prescription histories or medical data can result in unfair denials.
Used to set deposits and service eligibility for utilities, cable, internet, wireless plans, and more.
Used by casinos, specialty retailers, and fraud-prevention systems. Errors here can lead to service denials or account closures.
A consumer reporting agency is any business that assembles or sells information about you to another party for decisions involving:
CRAs collect data from courts, databases, third-party data brokers, financial institutions, employers, and public records. Not all CRAs follow the same standards, and not all follow the law. That’s where the Fair Credit Reporting Act (FCRA) comes in.
Under the FCRA, you have legal rights that many people don’t know about:
You should reach out immediately if:
