What is a credit bureau?
A credit bureau is a storehouse for credit history information. There are over 1000 local and regional credit bureaus throughout the U.S. However, most credit bureaus are either owned or under contract to the nation’s three major credit reporting agencies. These three credit bureaus, TransUnion, Equifax, and Experian, maintain enormous databases that contain credit histories on more than 200 million Americans. Over half a billion credit reports are generated each year, and billions more bits of information are managed and stored. Credit bureaus play an integral role in the lending process. Though they don’t lend money themselves, they provide the vital information that lenders base their decisions on. Whenever a person applies for credit, a job, or even insurance, the potential lender requests a copy of that consumer’s credit report. The credit bureau pulls the information it maintains on the individual, and assembles it into a report with a credit score. The report is an overview of t
Credit reports are maintained and sold by credit reporting agencies, commonly known as credit bureaus. There are three main credit bureaus — Equifax, Experian and TransUnion — that collect financial information on millions of people and then make that information available to lenders to help them determine whether or not to make a loan to someone. The information the credit bureaus compile includes a great deal of basic data such as age, Social Security number, current and previous addresses, employers and marital status. They also get information on your borrowing history from places you have borrowed at, such as credit card issuers, mortgage lenders and others.
Credit bureaus, or credit reporting agencies, are basically clearinghouses for information about consumers’ credit. When you apply for credit, they provide this information to qualified requestors. There are three main credit bureaus: Equifax, based in Atlanta, Georgia; Experian, based in Allen, Texas; and TransUnion, based in Springfield, Pennsylvania.
Credit bureaus, or credit reporting agencies, are basically clearinghouses for information about consumers’ credit. When you apply for credit, they provide this information to qualified requestors. There are three main credit bureaus: Equifax, based in Atlanta, Georgia; Experian, based in Allen, Texas; and TransUnion, based in Springfield, Pennsylvania.
