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A consumer reporting agency is an agency that collects information on certain individuals. They then sell this information to possible creditors to help them decide the credit worthiness of the individual (or whether a person should be allowed extended credit).

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Q: What does a consumer reporting agency do?
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Related questions

What is the difference between a Consumer Reporting Agency and A Credit Reporting Agency under the guidelines of the Fair Credit Reporting Act?

there is no difference, it is the same. They were called Credit reaporting agencies several years ago, then the terms was changed to consumer reporting agencies as they are not used for more than just Credit Reporting.


How long can a consumer reporting agency report unfavorable information?

millions of years haha


How do you remove a reposession from a credit report when the reposesion was the finance company's error?

File a consumer dispute with the credit reporting agency. You can do that online as each reporting agency has it's own website.


Which federal agency is responsible for computing and reporting Consumer Price Index?

Department of National Statistics


How long may a credit reporting agency take to reply to a consumer dispute letter?

30 days from the receipt of your letter


How long is the statute of limitations in which a consumer reporting agency conducting a background check can submit the felony after how man years can it not be reported?

There is no limit to reporting of a criminal conviction. Unless you get it expunged, it is there for life.


What type of business is Equifax?

Equifax is a US Consumer Credit Reporting Agency. Equifax is one of the three largest Credit Reporting Agencies, along with Trans Union and Experian. It is the oldest of the three companies and was founded in 1899.


What is a credit reporting agency?

A credit reporting agency (CRA) is a company that gathers and sells financial history information


What type of products does the company Chex Systems provide?

Chex Systems is a eFunds cheque verification service and consumer credit reporting agency. Chex Systems provides data related to how the consumer handled their deposit accounts.


How can you dispute outdated collections on a credit report?

If you identify information in your credit file that is incomplete or inaacurate, and report it to the consumer reporting agency, the agency must investigate unless your dipute is frivolous. See www.ftc.gov/credit for an explanation and procedures


What does consumer agency mean?

A regular consumer agency collect and sell information about the creditworthiness of individuals. A credit reporting agency doesn't make any decisions about whether a specific person should be extended credit or not. Instead, it collects information that it considers relevant to a person's credit habits and history, and uses this information to assign a credit score to indicate how creditworthy a person is.


Can a credit repair agent put derogatory credit back on your report?

No they can't. if they do they must notify you in writing within 5 days of doing so, if they don't they have just violated your FCRA rights.FCRA § 611, Procedure in case of disputed accuracy [15 U.S.C. § 1681i]Requirements relating to reinsertion of previously deleted material.Certification of accuracy of information. If any information is deleted from a consumer's file pursuant to subparagraph (A), the information may not reinserted in the file by the consumer reporting agency unless the person who furnishes the information certifies the information is complete and accurate.If any information that has been deleted from a consumer's file pursuant to subparagraph (A) is reinserted in the file, the consumer reporting agency shall notify the consumer of the reinsertion in writing not later than 5 business days after the reinsertion or, if authorized by the consumer for that purpose, by any other means available to the agency. Additional information. As part of, or in addition to, the notice under clause (ii), a consumer reporting agency shall provide to a consumer in writing no later than 5 business days after the reinsertion date.(I) a statement that the disputed information has been reinserted;(II) the business name and address of any furnisher of information contacted and the telephone number of such furnisher, if reasonably available, or of any furnisher of information that contacted the consumer reporting agency, in connection with the reinsertion of such information; and(III) a notice that the consumer has the right to add a statement to the consumer's file disputing the accuracy or completeness of the disputed information.