There are three major credit reporting agencies: Transunion, Experian, and Equifax. They are not the only credit reporting agencies (credit bureaus) but they are the main ones, also called "The Big Three."
Credit Repair Service Providers, like Total-Credit-Repair.com, can fix the blemishes on your record by going to battle against these credit reporting agencies.
What do the credit reporting agencies do?
The credit reporting agencies have two duties: they collect information about you from your creditors and they report that information on your credit. This information is also used to calculate your credit score. Credit card companies, banks, and other creditors will always view your credit report to minimize their risk before extending you credit. If you have a poor credit history, you may be denied credit or charged a higher interest rate.
How do they collect information about me?
Every month lenders and creditors send up-to-date information to the credit reporting agencies about the account status of individuals. They use a system called e-OSCAR, the Online Solution for Complete and Accurate Reporting. Also, when you fill out applications for credit cards, loans, utilities, and even jobs, it is sent to the credit reporting agencies.
What rights do I have with the credit reporting agencies?
Thanks to the Fair Credit Reporting Act, you have a right to a free annual credit report.
This is important because you need to make sure that the information on your credit report is accurate, and also to make sure that you have not been the victim of identity theft.
You also have the right to dispute any inaccurate and out-of-date information on your credit report by writing to the credit reporting agencies.
