Creditors Doing Business With the Credit Bureaus

[AndySoCal]

The creditor has to have an account with  each bureau to report  to that  bureau yes. I do not know if they are charged to pay to report or not. They to pull credit report(s) form the bureau yes. Does this help?

[Anonymous]

Thank you to everyone for your good responses!  I really do appreciate them. 

I find the business practices of the CRAs with consumers (us) to be objectionable in that they "sell" and make money off of FAKO scores. If they are NOT Federally regulated and prohibited against making money from selling snake oil to consumers, I am concerned with what they might be selling to their clients (our creditors, lenders, etc.) that we don't even know about.  Its not that I don't understand their purpose in providing an accounting service for lenders, debt collectors, etc., I just don't like the way they condescend consumers and, I don't trust that they're dependable with our creditors either.

[RobertEG]

Not only do credtiors have to contract with CRAs in order to report to them, they must also pass an inspection of their methods and capablilities, and must purchase the Metro2 software, as all of the CRAs require its use in the reporting of information to them. 

[Booner72]

I do think that a business needs the CRA's before they loan money.  If you haven't read the history of credit bureaus, that is a stickie thread, you should.  Extremely interesting.

[Anonymous]

That was a very interesting read Booner -- thank you for recommending that.  It brought back a lot of memories because, I lived throughout a lot of that history myself!  I definitely remember the Welcome Wagon ladies who would come to call when you moved into a new neighborhood and, I remember that my parents taught me to ALWAYS have fresh pie and/or cake ready for them and to gush with hospitality so that they would turn in a favorable report.  I remember the early days of TRW, Equifax and Transunion and, I still have some of my early credit reports that were printed out using a dot-matrix printer on thin tissue like paper.  I also remember the old-timers of my younger days judging the CRAs to be the Anti-Christ.   I STILL don't like them selling FAKE credit scores to unsuspecting people who don't know any better but, I do believe they serve a necessary purpose, absolutely! 

Again, thank you for the good read Booner!!!