Who are the credit bureaus and what do they do?
There are three major credit bureaus: TransUnion, Equifax, and Experian. Sometimes they are referred to as Credit Reporting Agencies or CRAs. The credit bureaus maintain a database of information about consumers credit histories. The credit bureaus collect and keep records of information about your payment records from lenders such as banks, credit unions, finance companies, or retailers. This information is sold to lenders so that they may analyze your credit history in order to decide whether to grant you credit.
