Loanfactz Definitions

Consumer Reporting Agency (CRA)

If you've ever applied for a charge account, a personal loan, insurance, or a job, there's a file about you. This is your * credit report. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy.

A company that gathers and sells this information about you is called a Consumer Reporting Agency (CRA). The information in your credit report that a CRA sells to creditors, employers, insurers, and other businesses is called a consumer report. This information is used to evaluate your applications for credit, insurance, employment, or renting a home.

There are many types of consumer reporting agencies, including credit bureaus (the most common type) and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). The 3 major credit bureaus are Equifax, Experian, and TransUnion. More about Credit Bureaus

Creditors and insurers may use CRA file information as a basis for sending you unsolicited offers. These offers must include a toll free number for you to call if you want to remove your name and address from lists for five years. Completing a form that the CRA provides for this purpose will keep your name off the lists permanently. You may opt-out with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688) or go online at www.optoutprescreen.com. You may opt back in at any time by calling the same number.

Negative Information in Your Credit Report

A consumer reporting agency (CRA) can report negative information in your credit report for seven years. There are certain exceptions:

• Information about criminal convictions may be reported without any time limitation.
• Bankruptcy information may be reported for 10 years.
• Information reported in response to an application for a job with a salary of more than $75,000 has no time limit.
• Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.
• Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

Glossary For This Page
(In Alphabetical Order)

* Credit Report
A document used by the credit industry to examine an individual's use of credit. It provides information on money that individuals have borrowed from credit institutions and a history of payments. More about Credit Report

SCAMS & FRAUD
Some Scams, Fraud, and Consumer Abuse Items in the News

Federal Laws
Major Laws That Govern Financial Institutions & Protect Individuals in Their Financial Dealings

Organizations

Consumer Info

Miscellaneous

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