All of the following make up the big three credit reporting agencies except:

All of the following make up the big three credit reporting agencies except:

A: Equifax

B: Federal Reserve.

C: Transunion

D: Experian

Answer:

The correct answer is option B.

Explanation:

Equifax, TransUnion, and Experian are all the big credit reporting agencies except the Federal Reserve. The Federal Reserve is not a credit reporting agency. Federal Reserve is the banking system in the USA, which is created in the 1910s.

Credit reporting agencies:

Credit reporting agencies work with banks to help organizations, banks, or other types of businesses to help them in the decision regarding money lending and their payback.

Credit reporting agencies are companies that gather and maintains the credit information of consumers. Three major CRAs are operating in America which are;

  1. Equifax,
  2. Experian
  3. Transunion

They all are for-profit companies. They can provide your information to those companies whom they needed for their products and services.

All-of-the-following-make-up-the-big-three-credit-reporting-agencies-except:
All of the following make up the big three credit reporting agencies except:

Federal Reserve:

It is not a credit reporting agency. It is a central bank operating in America, while CRAs refers to a business that keeps credit information. Federal Reserve controls the world money. The Federal Reserve is composed of

  • the board of governors and
  • The federal open market.

The primary functions of the Federal Reserve System include;

  • It controls the affairs of the banking
  • It manages inflation

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