This is accomplished within the framework of a law, the Federal Fair Credit Reporting Act, that provides consumers with disclosure about their legal rights, options for redress and liability provisions. Independent studies have confirmed the fairness and effectiveness of the credit reporting and scoring system in helping consumers qualify for loans. Above all, the law ensures privacy of individual consumer data by limiting the uses of the information.

Facts about accuracy

• Experian's credit files contain records on approximately 205 million credit-active consumers and 15 million U.S. businesses.
• Each month, there are more than 4.5 billion updates to credit report information throughout the U.S.
• The American credit databases are the most accurate and secure in the world.
• Experian has a long, distinguished record of responsible stewardship of the data in our care.

Facts about privacy

• Experian uses state-of-art technology to both protect credit data and maintain strict privacy standards in accordance with the Federal Fair Credit Reporting Act.
• No one is permitted to see consumer credit reports unless they have permissible purpose and Experian has verified the identity of the person making the request. We will, of course, share your credit file with a credit grantor when you instruct us to do so. An example of this would be a bank that is making a credit decision on a loan you have applied for.

Facts about the U.S. credit economy

• There are over one billion credit reports issued annually
• Two-thirds of the American economy is driven by consumer spending
• Outstanding consumer credit totals $1.7 trillion
• Credit reporting saves the average person 200 basis points on their mortgage loan
• On average, every U.S. household owns a car and one-third have a second car
• The average American has eight credit cards or loans
• There are 7000 credit card issuers in the U.S. offering more than 27,000 types of payment options