Understanding Credit Reporting Agencies

John Ulzheimer, a renowned credit expert, discusses the three major credit reporting agencies: Equifax, Experian, and TransUnion. He explains their roles, differences, and similarities, including their global operations and the concept of 'credit invisibles.' Ulzheimer clarifies that these agencies do not share information unless under specific circumstances like fraud alerts. He also dispels the misconception that these agencies are government-owned, highlighting their public ownership. The video aims to educate viewers on the intricacies of credit reporting and the importance of understanding one's credit report.

What is John Ulzheimer's area of expertise?

• Cryptocurrency

• Real estate

• Consumer credit

• Stock market

Which company is NOT one of the three major credit reporting agencies in the US?

• TransUnion

• LexisNexis

• Experian

• Equifax

What term is used to describe individuals without a credit report?

• Credit unknowns

• Credit invisibles

• Creditless

• Credit voids

How many consumer credit reports are in circulation at any given time?

• 440 million

• 330 million

• 220 million

• 660 million

What is the nature of the system for furnishing information to credit reporting agencies?

• Mandatory

• Voluntary

• Government-regulated

• Subscription-based

In which scenario do credit reporting agencies share information?

• When a new account is opened

• When a fraud alert is placed

• When a credit card is used

• When a loan is approved

What must a consumer do to place a security freeze on their credit report?

• Wait for automatic processing

• Submit a single request to one agency

• Notify the government

• Contact all three agencies separately

Which of the following is NOT true about credit reporting agencies?

• They are publicly owned

• They are government entities

• They operate globally

• They maintain separate databases

What is a common misconception about credit bureaus?

• They are privately owned

• They are run by the government

• They only operate in the US

• They share all information

Where is Experian publicly traded?

• United States

• United Kingdom

• Canada

• Australia