Question

which best describes the main role of the three major credit reporting agencies? develop government rules and regulations for organizations that provide loans. determine whether or not a loan applicant earns enough money to receive a loan. compile consumer credit and loan information and provide it to lenders and businesses. provide revolving credit and installment loans to those who have high enough credit scores.

Answer 1

The three most important responsibilities of major credit reporting organizations are:

• Compile consumer credit
• Loan information and
• Provide it to lenders and businesses.

What is the definition of a credit reporting agency?

A credit reporting agency is a corporation that monitors people's and businesses' credit records. They collect information from creditors and other sources and compile it into a credit report, which includes a credit score when it is published. Credit reporting firms, often known as credit bureaus or consumer reporting organizations, collect and sell credit reports. Credit reporting agencies gather information about your borrowing and repayment history from credit accounts, such as The original loan amount.

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