What is The Big Three?
The “Big Three” refers to the largest credit reporting agencies (CRAs) in the United States: Equifax, Experian, and TransUnion. These agencies collect and maintain information about individuals’ credit histories, including information about credit accounts, payment history, and credit inquiries. They use this information to create credit reports used by lenders, landlords, and other organizations to assess the creditworthiness of individuals.
The Big Three credit reporting agencies are for-profit companies regulated by the Fair Credit Reporting Act (FCRA) and the Consumer Financial Protection Bureau (CFPB), which provide consumers with the right to access and dispute their credit reports.
These agencies are also responsible for ensuring the accuracy and fairness of the credit information they collect and report. They must provide consumers with the means to dispute any inaccuracies they find in their credit reports. Consumers can request a free credit report from each Big Three once a year from the official website AnnualCreditReport.com or by contacting them directly.
What rights do consumers have when disputing inaccuracies in their credit reports from the Big Three?
Consumers have several rights when disputing inaccuracies in their credit reports from the Big Three credit reporting agencies. These rights are protected under the Fair Credit Reporting Act (FCRA).
- Right to a free credit report: Consumers are entitled to a free credit report from each Big Three credit reporting agency every 12 months.
- Right to dispute credit report errors: Consumers can dispute any inaccuracies they find in their credit reports. They can do this by contacting the credit reporting agency directly or through its online dispute process.
- Right to a prompt investigation: Credit reporting agencies must conduct proper research of any disputed information and correct or delete any inaccurate information.
- Right to notification of results: Credit reporting agencies must notify consumers of the results of the investigation, including any changes made to the credit report.
- Right to add a statement of dispute: If the investigation does not resolve the dispute to the consumer’s satisfaction, the consumer has the right to add a comment of disagreement to their credit report.
- Right to sue: If credit reporting agencies fail to comply with the FCRA, consumers have the right to sue for damages, including lost wages and attorney’s fees.
