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LSDefine

Simple English definitions for legal terms

consumer reporting agencies (CRA)

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A quick definition of consumer reporting agencies (CRA):

Consumer reporting agencies (CRA) are companies that gather information about people and create reports that are used by banks, landlords, and other businesses to make decisions about whether to lend money, rent an apartment, or provide a service. Some CRAs collect information about a person's medical history, employment history, or insurance claims. Others only collect information about a person's rental history or check-writing history. CRAs can include many different types of companies, such as creditors, data brokers, and collection agencies.

A more thorough explanation:

A Consumer Reporting Agency (CRA) is a company that collects and maintains information about consumers' credit history, payment habits, and other financial behaviors. They compile this information into a report that can be used by lenders, employers, and other organizations to make decisions about whether to extend credit, offer employment, or provide other services.

There are two types of CRAs: nationwide and specialty. Nationwide CRAs collect and maintain files on consumers from across the country, while specialty CRAs focus on specific categories of records, such as medical records, residential or tenant history, check-writing history, employment history, or insurance claims.

Examples of CRAs include:

  • Creditors
  • Data brokers
  • Collection agencies
  • Check approval companies
  • Attorneys
  • Alternative credit bureaus

These companies gather information about consumers from a variety of sources, including credit card companies, banks, and other financial institutions. They then use this information to create reports that can be sold to other companies or used to make decisions about creditworthiness, employment, and other important matters.

For example, a lender might use a CRA's report to determine whether to approve a loan application. An employer might use a CRA's report to screen job applicants. And an insurance company might use a CRA's report to determine whether to offer coverage to a particular individual.

consumer report | consummation

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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