What is a credit reporting agency?
A credit reporting agency is a for-profit company that gathers, stores and updates information on consumers. They keep personal information such as names, addresses, previous addresses and employers. They note any information about you that is available in the public record and which might have a baring on your financial stability, such as judgments, bankruptcies and liens. They also keep and update information on your use of credit, the kinds of credit you have and how you use it. They track how much debt you carry, the frequency and amount of your payments and the new applications for credit that you submit.
