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Consumers - Subject of credit report. Consumers may request
a credit report from each individual Credit Bureau or Credit Reporting
Agencies.
Users - Approve Credit. Businesses that distribute
credit to consumers. Examples: Mortgage Lenders, Auto Dealers,
Apartment Managers, Insurance Companies, Employers, Credit Card
Companies.
Furnishers/Creditors - Report
Credit and Collect Bills. Businesses
that report your credit history to credit bureaus. Examples:
Department Stores, Credit Card Companies, Lenders, Collection Agencies.
Credit Bureaus - Collect & Store
Information. Store
credit history for consumers. Example: Experian, Equifax, Trans
Union,
Innovis. The 3 national credit bureaus are competitors of each
other,
and they do not normally share their credit information except
in special cases. Credit bureaus gather their consumer credit information
by soliciting
creditors such as credit card companies, banks, and lenders to
join their systems and contribute their credit experience on
consumers to the systems. In return for submitting information
to the systems, creditor members may use the system to obtain
credit information on consumers to approve credit decisions or
review existing consumer accounts.
Credit Reporting Agency - Assemble and Collect. Assembles and merges information contained in the database of another
consumer
reporting
agency or multiple consumer reporting agencies concerning any consumer
for purposes of furnishing such information. Example : Evergreen
Credit Reporting Inc. (CreditReporting.com),
www.3bureaucreditreports.com
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