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Credit reporting agencies are also known as credit bureaus or consumer reporting agencies. The three main credit bureaus in the United States are Equifax, Experian and TransUnion, but lesser-known ...
A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, a Special Accessing Entity in the Philippines, and also to private lenders. [1]
Consumer reporting agencies; Users of consumer reports; and, Furnishers of consumer information. If a consumer's rights under the FCRA are violated, they can recover: Actual or statutory damages; Attorney's fees; Court costs; and, Punitive damages if the violation was willful. [9] "The threat of punitive damages under 1681n of the FCRA is the ...
Fair and Accurate Credit Transactions Act; Other short titles: Financial Literacy and Education Improvement Act: Long title: An Act to amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes.
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The United States has three major credit reporting agencies: Equifax, Experian and TransUnion. More Economy Explained: What Is the GDP - and What Does It Have to Do With You? "They are for-profit...
The definition of a creditor was clarified by the Red Flag Program Clarification Act of 2010. [2] Under the Clarification Act, a creditor regularly and in the course of business: Obtains or uses consumer credit reports; Provides information to consumer reporting agencies; or; Advances funds which must be repaid in the future (or against ...
By BLAKE ELLIS NEW YORK (CNNMoney) -- Credit reporting agencies will soon be subject to federal oversight for the first time. The Consumer Financial Protection Bureau announced Monday that it will ...