Use of this site signifies your agreement to the restrictions and terms of use. Ms. Claiborne will discuss the operations of credit reporting agencies and the Fair Credit Reporting Act. Bonnie, perhaps you could discuss some of the functions performed by credit reporting agencies. These agencies use this information and sell it to banks, finance companies and retailers who grant credit. Additionally, credit reporting agencies maintain records on consumers.
Credit bureaus are the principal private sector collectors of consumer information.
There are approximately 661 credit bureaus throughout the nation. These three main agencies own approximately 100 smaller agencies. The remaining 561 agencies are independently owned. Credit bureau services are available to subscribers who pay an annual fee and an additional charge each time they request information. Subscribers include such companies as VISA, and other credit grantors who use the information to assess the credit worthiness of credit applicants.