What are the Responsibilities of the Credit Bureaus?
We often hear the terms credit bureaus or the three credit reporting agencies whenever we apply for loans and other lines of credit. This is because we all know that they are responsible in providing us our credit reports, which are the most common requirements when we take credit accounts. But aside from providing us our credit files, what other important activities do these credit bureaus perform? Let us discuss the answer to this question in the succeeding portions of this article. What Credit Reporting Agencies Do The three credit reporting agencies ‐ Equifax, Experian and TransUnion, are the responsible offices that collect and handle the credit records of consumers. They received the special designation from the Federal Government to compile credit information of individuals and issue credit report to authorized parties, like financial institutions.
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