Question

1. Which statements are true of the credit reporting agencies or bureaus? Select all that apply.

a. All three collect information from you

b. All three calculate your credit score based on what they have in your credit report.

c. Your credit score for each of the major agencies is merely a reflection of the information in your credit report.

d. All three credit reports have different information gathered and reported

Answer 1

All True

a. True: Experian, TransUnion and Equifax -- also known as the "Big Three" -- are not the only credit reporting agencies in the United States. The Big Three get all the customers because they maintain the largest national databases of consumer credit information.

b. True: Credit score is calculated on the basis of a credit report which information are sent by lending institutions and other creditors every month.

c. True: They merely collect information about an individual's credit score and give that information to lending institutions, so the Credit score is a reflection of your credit report.

d. Ture: The Big Three credit reporting agencies are independent companies that each collect information and make reports in different ways.