This doesn't answer all your questions but here are some basics.
There are three main credit reporting agencies - Equifax, Experian and TransUnion. They are not government agencies. The Fair Credit Reporting Act (FCRA) is the federal law regulating credit-reporting companies, like Equifax, to ensure that they follow reasonable procedures to furnish correct information about you. This law specifies consumers' rights, such as the right to know what is in your credit file and dispute potentially inaccurate information. The FCRA was enacted in 1971 and amended in October 1997 and December 2003.
The credit-reporting companies get their information primarily from the companies that have granted you credit in the past, and those with whom you have open accounts. Each creditor reports the status of your account to them according to your payment history.
Up until recently, to view your credit report, you would have to pay for it.
Also, you are entitled to one free report during any 12-month period no matter where you live, if you:
- Are unemployed and intend to apply for employment in the next 60 days
- Are on public welfare assistance
- Believe your file contains inaccurate information due to fraud
- You are also entitled to a free report if you have received notice of an adverse decision (such as denial of credit, insurance, or employment) within the past 60 days
Now under the Fair and Accurate Credit Transactions Act, everyone will soon be entitled to one free credit report from each of the main credit reporting agencies. They are rolling out the plan as I am typing this. To see if it is available in your area, go here -
https://www.annualcreditreport.com/cra/index