Management Notes

Reference Notes for Management

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

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The Correct Answer for the given question is option b) Federal Reserve


Answer Explanation for Question: 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 exceptFederal Reserve.  The Federal Reserve is the central bank of the United States. With the Federal Reserve Act enacted on December 23, 1913, the monetary system was centralized to alleviate financial crises following a series of financial panics (particularly the Panic of 1907) that led to the desire for central control.The Federal Reserve System has had to expand its roles and responsibilities over the years because of events such as the Great Depression and the Great Recession.

There are several layers of the Federal Reserve System.Federal Reserve Board (FRB) is governed by a board of governors appointed by the president. Regulating and supervising privately owned commercial banks are twelve regional Federal Reserve Banks throughout the country. Commercial banks chartered under the National Bank Act are required to hold stock in the Federal Reserve Bank of their region and can elect some board members.

Credit Reporting Agencies

Credit reporting agencies, also referred to as credit bureaus or consumer reporting agencies, which collect information about your credit and financial history. A credit report comes into play when you apply for a loan, request an increase in your credit limit, or even when you apply for a job. These credit agencies collect and store information that potential lenders and employers use to determine your creditworthiness.

In the credit industry, credit reporting agencies serve a variety of purposes. Their services include maintaining credit information, calculating credit scores, providing credit reports, and partnering with credit issuers. The credit reporting agencies receive a variety of types of information that they can make available to their customers. In general, credit reporting agencies report either on individuals or on businesses.

Top 3 Credit Reporting Agencies
  1. Equifax
  2. TransUnion
  3. Experian
  • Equifax

Equifax, based in Atlanta, employs approximately 11,000 workers and has investments in 24 countries: Argentina, Australia, Brazil, Cambodia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, India, Malaysia, Mexico, New Zealand, Paraguay, Peru, Portugal, Russia, Saudi Arabia, Singapore, Spain, the U.K., U.S., and Uruguay. It claims to be the market leader in most of the countries in which it has a presence, but is mainly dominant in the United States, South and Midwest.

  • Experian

Experian had its domestic headquarters in Costa Mesa, Calif., originally handling reports for the Western United States. Today, it promotes itself as “the world’s leading information services company”. The company employs about 17,000 people in 37 countries, with its corporate headquarters in Dublin, Ireland, and its operational headquarters in Nottingham, UK, and São Paulo, Brazil.

  • TransUnion

TransUnion, based in Chicago, markets itself as an information and insights company that enables trust. It has regional offices in Hong Kong, India, Canada, South Africa, Colombia, the U.K., and Brazil, and employs more than 8,000 people worldwide.

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