How is credit reporting regulated in the US?

Some argue that credit reporting promotes economic inequality in the US

Although today's credit scoring system is much more objective than, say, the credit assessment system of the 1700s, some argue there's still room for improvement, with critics saying the current system is still discriminatory. For example, while mortgage payments have long been automatically reported to credit bureaus, rent payments (the primary housing expense for most lower-income Americans) historically haven't been reported unless a payment was missed.

The three major credit bureaus were created in the mid-1900s to sort local credit reporting into national databases

In the 1800s, credit bureaus went into business to help lenders make decisions. But today's three major credit bureaus, Experian, Equifax, and TransUnion, didn't become the industry leaders they are today until the 20th century, around the same time FICO was founded.

How to get a copy of your credit report

By law, it's possible to get a free credit report once each year from Equifax, Experian, and TransUnion, the three major credit bureaus. The US government recommends using AnnualCreditReport.com to request these reports, as it's the only website authorized by the federal government to provide the legally mandated free reports.

One in five Americans has an error on their credit report, according to the Federal Trade Commission

In 2026, four US senators sent letters to two of the nation's major credit bureaus (TransUnion and Experian) after an investigation revealed that they were fixing fewer errors on consumers' credit reports.

Credit reporting started as a service for businesses rather than consumers

In the 1700s US economy, consumer credit reporting wasn't necessary. A loan to a farmer for agricultural supplies, for instance, would inevitably help them purchase both personal and business items.

Privacy concerns in the credit scoring system

Because credit scores use a lot of personal information (such as whether or not someone makes credit card payments on time), some worry their privacy is being compromised in the data collection process.

How credit scoring works outside the US

If you move outside the US, you won’t get to take your credit score with you. Credit scoring systems work differently in other countries. In the UK, for instance, being registered to vote improves your credit score.

Why countries have credit ratings

Sovereign credit ratings work like national credit scores, measuring a country’s ability and willingness to repay its debt. Moody’s, S&P, and Fitch are the major agencies assigning these ratings, which influence borrowing costs and investor confidence.

Federal law requires payday lenders to meet certain transparency requirements, but states have their own regulations

Federal law treats payday lending like other lines of credit, meaning it requires lenders to disclose the loan's interest rate and its "finance charge," a dollar amount expressing the full cost of the loan. But states have their own regulations around payday lending, hence why it isn't allowed in every state and why the industry looks so different across the country. These regulations are often part of a state's usury laws.

Learn about the bodies that govern the US commercial airline industry, such as the FAA

The Federal Aviation Administration (FAA) regulates US air travel, monitoring both safety and advancement. But despite deregulation in the 1970s, the industry has other governing bodies, too, including the US Department of Transportation and the TSA.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

How to rebuild your credit score

It's easy to let your credit score slip without realizing it. Checking your credit score and getting to know what's on your credit report are the first steps to getting to the "700 club," or "good score" range, according to one financial expert.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Retail investors cannot directly invest in private credit funds—but other financial vehicles can offer exposure to the industry

For example, as some US regulations have loosened in recent years, retail investors have begun to get exposure to the private credit market via ETFs that invest in publicly traded financial vehicles with private credit exposure, such as BDCs.

Commodity trading is regulated by the CFTC to mitigate fraud and risk

Established in 1974, the CFTC regulates these markets (including swaps, futures, and certain types of options) to protect market participants from fraud, ensure fair trading conditions, and generally reduce financial risk.

A credit card’s grace period is a minimum of 21 days

Under federal law in the United States, an individual’s credit card payment due date must fall on the same day of each month, at least 21 days after the cardholder’s statement closing date.

Financial institutions check for lots of things before authorizing a purchase

Before authorizing a purchase, card issuers consider whether or not the cardholder has a high enough available credit limit to make the purchase, where the purchase is being made in order to reduce fraud, and more.

US federal law dictates that all ads must not be deceptive

It also dictates that all ads must be “not misleading, and, when appropriate, backed by scientific evidence.” However, enforcing these laws can be difficult given the massive number of ads that run all over America each day. This explainer on the subject from the FTC provides more information.

The Federal Reserve follows the health of the US economy by tracking the money supply

That includes all of the physical and electronic money in circulation. It tracks not only US coins and bills, but also the money that moves through bank deposits. The Fed uses metrics called trackers to follow different types of transactions through the money supply.

Find an accredited credit union near you

The National Credit Union Administration is to credit unions what the Federal Deposit Insurance Corporation is to traditional banks—it insures deposits of up to $250,000 per customer per account. This lookup tool allows you to search for nearby credit unions so you can check that a business is accredited by the NCUA before you begin your banking journey.

The Glass-Steagall Act separated commercial banks in the US from investment banks

In 1933, the Glass-Steagall Act legally separated commercial banks in the US from investment banks. However, by 1999, the act was repealed—meaning that today’s investment banks are no longer required to be separate from the type of bank where you deposit your paycheck.

The US Commission on International Religious Freedom monitors and reports on religious persecution

USCIRF is an independent, bipartisan federal commission that tracks religious freedom conditions worldwide and provides policy recommendations to the president, secretary of state, and Congress.

Colorado legislates neural and biological data generated by the nervous system

The law expands personal privacy protections to include data from brain activity, marking the first legal step of its kind in the US. It targets companies involved in consumer neurotechnologies, which were previously not required to restrict user data access.

Reporting food poisoning aids in limiting outbreaks

If you suspect you were sickened by meat or poultry or by other food products (or your pet was sickened), the US has different voluntary online reporting forms and hotlines you can call. There’s even one for concerns about potentially contaminated pet food products. If you were potentially sickened at a restaurant, however, you report that directly to state and local health departments, not the federal government.

See how local, state, and federal governments divide the cost of public services

Federal, state, and local governments share responsibility for funding public services. Education, roads, and social programs are funded through a complicated mix of taxes and intergovernmental transfers.

Understanding the low corporate tax rate in the US

Corporate taxes, which make up roughly a third of the federal government's revenue, have been calculated using a flat 21% rate since the Tax Cuts & Jobs Act of 2017. The current rate is considered low both by historic standards (it averaged over 50% in the 1950s and 1960s) and compared to other countries.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Congress has the power to enact laws related to bankruptcy, thanks to the US Constitution

It has done just that since 1800. This legislation, which outlines the various types of bankruptcy filings, has evolved over time. The most recent iteration is the Bankruptcy Reform Act of 1978, which introduced Chapter 11 filings in an effort to make the process easier for businesses and individuals.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

Radioactive elements can introduce software errors because the ionizing radiation they produce can detach electrons from atoms, and computer code relies on the distribution of electrons.

The Brothers Grimm were lawyers before they were storytellers, but became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

Corals are themselves not coral reefs—the term refers to the tiny marine invertebrates that build the rigid reef.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Researchers believe the brain consolidates memories, processes emotions, and plans for the future during dream states

Three Ebola species are responsible for most large outbreaks of the disease, yet the only approved Ebola vaccine is known to work against just one of them.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.