Define: Credit Reporting Agency

A credit reporting agency is a company that collects and maintains information about individuals’ credit history and provides this information to lenders, employers, and other authorized entities.

You can obtain a free copy of your credit report once a year from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) by visiting AnnualCreditReport.com.

Yes, if you find inaccurate information on your credit report, you have the right to dispute it with the credit reporting agency. They are required to investigate your dispute and correct any errors within a reasonable timeframe.

Most negative information, such as late payments, collections, and bankruptcies, can stay on your credit report for up to seven years. However, some information, like bankruptcies, can remain for up to ten years.

Bankruptcies cannot be removed from your credit report before the designated time period (seven or ten years) has passed. However, as time goes on, the impact of the bankruptcy on your credit score will diminish.

No, credit reporting agencies do not have the power to lower your credit score. They simply collect and report information provided by lenders and other creditors. Your credit score is determined by various factors, including payment history, credit utilization, and length of credit history.

Yes, you can request a credit freeze with each of the credit reporting agencies. This prevents new creditors from accessing your credit report, making it more difficult for identity thieves to open accounts in your name.

Yes, if a credit reporting agency fails to correct inaccurate information on your credit report after you have disputed it, you may have grounds for a lawsuit under the Fair Credit Reporting Act (FCRA).

Yes, you can opt out of receiving pre-approved credit offers by visiting OptOutPrescreen.com or calling 1-888-5-OPT-OUT. This will reduce the number of unsolicited credit offers you receive.

Generally, credit reports are not available for children under the age of 18, as they typically do not have credit histories. However, if you suspect that your child’s information has been used fraudulently, you can contact the credit reporting agencies to place a fraud alert or freeze on their credit.