Credit Reporting Agency

A credit reporting agency is a company that collects, monitors and compiles your financial history.  In almost every instance, a credit reporting agency uses your history to calculate a credit score.  A typical credit reporting agency sells your financial information to lenders, landlords and employees (as governed by law) for a fairly tidy profit.  While a credit reporting agency does not give or deny credit, the credit score they assign to you ultimately determines your credit worthiness. 

You would be surprised at the amount of personal information that a typical credit agency is allowed to collect about you.  By law they are allowed know where you live, your marital status, your place of employment, your bill payment history, credit spending history, student loans and/or grants, assets, out standing debt and more.  The point is that credit reporting agencies generally unknown to most people but really hold all the cards as far as getting credit is concerned.

Knowing how a credit reporting agency works is vital when looking at repairing your bad credit.  Knowing how to work with them to improve your credit score is an asset that most people don't even know about.  In other words, if you are serious about fixing your bad credit, you need to know about credit reporting agencies. 

More information on how a credit reporting agency works.