Automated credit-reporting systems allow the three major credit-information providers---Equifax, Experian and TransUnion---to easily issue reports regarding a person's bill-paying history, according to the Federal Trade Commission (FTC).
Potential Benefits
Automated credit reporting saves lenders time when issuing information about their customers' bill-paying history and also when they are considering credit applications. This practice saves customers time when they apply for new loans or credit cards.
Excluded Information
Your credit reports cannot legally include information about your race, religion, personal lifestyle choices, medical history or your political preferences.
Accuracy Considerations
Most automated credit reports are accurate, according to the FTC. But if incorrect information such as activity resulting from identity theft is listed on your credit report, federal law gives you the right to dispute that information and demand a thorough investigation. Furthermore, inaccuracies cannot legally remain on your credit file, under the Fair Credit Reporting Act.
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