Credit Reporting Agencies

Fiscal Fitness Part II — Understanding the “Big Three” Credit Reporting Agencies

This second article in our Fiscal Fitness series outlines the basics of how the “big three” credit reporting agencies (CRAs) work. Understanding how CRAs impact your credit score is another great step to take in keeping your credit in shape.

1. Who are the credit reporting agencies?

The three largest U.S. credit reporting agencies— Experian, TransUnion and Equifax — are known as the “big three.” Their two-fold function is to collect information about consumers and report it to lending institutions and other creditors upon request. CRAs are mysterious entities to many consumers. You know they exist and how they can affect you. But how can you work with them and take an active role in maintaining a good credit score?

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Fiscal Fitness – Getting Your Credit in Shape

The list of things we “should” do is always growing, isn’t it? You should get more sleep, drink more water, and work out more. You should give up soda, call your mom more often, and volunteer for a charity. Our already over-busy lives are full of good intentions that never get done, but fiscal fitness is something we should all tackle. Getting a handle on your finances can have a big affect on many other areas of your life including your relationships, health, and work (just to name a few). Though the challenge of getting fiscally fit might seem daunting when you first start, it’s really not that difficult if you break it down into smaller pieces.

 1) Evaluating your credit – Identifying your weaknesses

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