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LSDefine

Simple English definitions for legal terms

credit reporting agency

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A quick definition of credit reporting agency:

A credit reporting agency is a company that collects information about a person or business's debt and payment history to create a credit report and score. This report is used by banks, lenders, landlords, and employers to decide if someone is trustworthy enough to lend money to or hire. The three main credit reporting agencies are Equifax, Experian, and TransUnion, and they are regulated by the government to make sure they are fair and accurate.

A more thorough explanation:

A credit reporting agency, also known as a credit bureau or credit agency, is a private company that collects and sells information about a person or corporation's debt, repayment history, and identifying information. This information is used to create credit reports and credit scores that indicate the creditworthiness of each person or corporation.

Credit reports are sold to qualified extenders of credit or to those for whom a would-be debtor has executed a release. Credit reports and scores are used by banks, mortgage lenders, credit card companies, landlords, and potential employers to screen applicants.

The three major credit reporting agencies - Equifax, Experian, and TransUnion - are regulated by the federal Fair Credit Reporting Act and are members of the Associated Credit Bureaus of America.

  • When you apply for a credit card, the credit card company will request a credit report from a credit reporting agency to determine if you are a good candidate for their card.
  • When you apply for a mortgage, the bank will request a credit report from a credit reporting agency to determine if you are a good candidate for a loan.
  • When you apply for a job, the potential employer may request a credit report from a credit reporting agency to determine if you are financially responsible.

These examples illustrate how credit reporting agencies collect and sell information about a person's credit history and how that information is used by various entities to make decisions about extending credit or offering employment opportunities.

credit report | credit score

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18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
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