How does the credit reporting process work?
When you are late paying a bill by 30 days or more, your creditors may report you to one or more of the three major credit reporting agencies: Experian, Transunion and Equifax. These agencies also keep track of how many credit accounts you have open, what your balances are, how many credit inquiries have been made, and any bankruptcies, judgments or foreclosures. This information, along with any delinquent accounts, is reported in detail and also goes into a number called your credit score.
