Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is a Credit Reporting Agency (CRA) e.g. OneSource Credit Reporting LLC?

April 26, 2017agency CRA credit LLC onesource

0

Posted

What is a Credit Reporting Agency (CRA) e.g. OneSource Credit Reporting LLC?

1 Answer

0

Posted

A CRA does not gather or maintain credit information. There are several hundred independently owned CRAs nationwide. Through unique and advanced technology, a CRA allows lenders/creditors the ability to access the credit files from all three national credit bureaus. The information is then merged into one file and the duplicate trades deleted; providing the lender/creditor with one easy-to-read credit report which contains the information from all three bureaus. CRAs are more commonly used by the mortgage lending industry. CRAs offer a valuable product with their local presence, national coverage, knowledgeable customer service, rapid rescores and other products that are designed to assist the fast paced mortgage industry.