Consumer Reporting Agencies (CRAs)

Consumer reporting agencies (CRAs) are organizations that collect and maintain information about individuals' credit histories and financial behaviors. They compile data from various sources, such as banks and credit card companies, to create credit reports. These reports reflect how reliably a person pays debts and manages credit. Lenders, employers, and insurers often use this information to make decisions about lending money, hiring applicants, or offering insurance. Major CRAs include Equifax, Experian, and TransUnion. It's important for consumers to monitor their credit reports to ensure accuracy and protect against identity theft.