Originally posted by Jesse Campbell on June 8, 2015 on moneymanagement.org.
Recently, the three largest credit reporting agencies agreed to make some changes to their policies and procedures following an investigation by the attorneys general of 31 different states. In response to this story, we received a number of (often heated) questions about the business of collecting and reporting credit information.
It’s understandable why the subject of credit reporting can get people a bit riled up. Your credit report – and maybe even more importantly, your credit score – plays a huge role in everything from borrowing money to buying a house to finding a job and so on. Just exactly who are these people who hold so much power over our lives? And how is it even possible that they can all have different information and arrive at different conclusions about the same unique consumer?