Why Your Creditors LOVE Bad Credit

Creditors in the credit equation are known as Data Furnishers. They are the agencies who offer financing to consumers, then report the pay histories back to the credit reporting agencies or the credit bureaus. Some other personal information is also given by creditors, including consumers’ names, date of birth, social security number, address, prior addresses,…

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Who Are The Credit Bureaus?

The Fair Credit Reporting Act refers to the credit bureaus as Consumer Reporting Agencies or CRAs. The “Big 3” credit bureaus are Trans Union, Equifax, and Experian. There is a fourth reporting CRA known as Innovis, which creditors rarely use. These are private for profit companies who make money by collecting and selling consumer information.…

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