Fair Credit Reporting Act - Reporting Agencies

The video explains the role of credit reporting agencies, which collect consumer information to provide credit reports and scores. It covers legal requirements for fair practices, including accurate information collection, verification, and dispute processes. Negative information can remain on credit reports for seven years, except bankruptcies, which last up to ten years. The video also highlights consumer protection procedures and introduces major credit reporting agencies like TransUnion, Equifax, and Experian, which must comply with the Fair and Accurate Credit Reporting Act.

What are the primary functions of credit reporting agencies?

What procedures must a reporting agency have in place to ensure the accuracy of consumer information?

What rights do consumers have regarding disputing information on their credit reports?

How long can negative information remain on a credit report, and what is the exception?

Which are the major individual credit reporting agencies mentioned in the text?