Credit Agencies That Provide a Free Annual Credit Report

Consumer reporting agencies are institutions that track credit history as well as transactions of consumers.  Credit agencies play a very important role in the finance service sector as they sell your credit information to other financial institutions, so these financial institutions can determine the legibility of consumers to pay for their credit application.

The Governing Laws for Credit Agencies

There are hundreds of credit reporting agencies in the United States and there are several regulatory bodies that oversee different credit reporting agencies. These include the Fair Credit Reporting Act (FCRA) passed in 1970, the Fair and Accurate Credit Transaction Act (FACTA) of 2003, the Fair Credit Billing Act (FCBA), which is an amendment of the Truth in Lending Act of 1968 and the Regulation B. All of these laws are enacted and enforced by the Federal Trade Commission.

Credit Agencies That Provide Free Credit Reports

Below are the credit reporting agencies that provide free reports.

  • Equifax:  Based in Atlanta in Georgia, Equifax is one of the biggest credit reporting agencies which collects information from over 400 million consumers all over the world. It was founded in 1899 as Retail Credit Company and it has collected all types of personal information from consumers.
  • Experian: Experian is a multinational credit report agency based in Ireland. It was established in 1980 and now it is considered as the most tech-savvy of the big three credit reporting agencies.
  • TransUnion: TransUnion is the third largest credit reporting agency in the US. It was established in 1968. Its headquarters are located in Chicago, Illinois.  Through the years, TransUnion acquired a lot of credit bureaus. Now it has hundreds of offices in 33 countries.
  • Innovis: Innovis is the fourth among the largest credit agencies in the United States. It provides financial reports to big companies. One of the companies that it serves is Verizon.
  • PRBC: PRBC is one of the smaller credit reporting agencies in the United States, but it ranks fifth. Its headquarters are located in Maryland.  This company offers the same services which the big three companies offer, but they allow consumers to build their positive credit history instead of debt-related payments thus boosting the credit score of consumers.

Credit agencies are undoubtedly very important in the financial sector. These are the reasons why such agencies try their best in providing accurate financial history of consumers so that creditors, banks, and lending companies can make sound decision when lending money to their clients.