ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are three big nationwide providers of consumer reports: Equifax, TransUnion, and Experian. Their reports contain information about your payment history, how much credit you have and use, and other inquiries and information.

Detailed explanation-2: -Consumer reporting companies collect information and provide reports to other companies about you. These companies use these reports to inform decisions about providing you with credit, employment, residential rental housing, insurance, and in other decision-making situations.

Detailed explanation-3: -A frequent misperception about the three nationwide credit bureaus (Equifax, Experian and TransUnion) is that they make lending decisions. Credit bureaus provide some of the information creditors and lenders use to help them make important lending decisions.

Detailed explanation-4: -Most U.S. consumer credit information is collected and kept by the four national traditional consumer reporting agencies: Experian (formerly TRW Information Systems & Services and the CCN Group), Equifax, TransUnion, and Innovis (which was purchased from First Data Corporation in 1999 by CBC Companies).