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Credit Bureaus or Credit Reporting Agencies maintain files on millions of
borrowers and sell reports to lenders to help them make credit decisions.
How Your Credit Information Is Collected...
Credit Bureaus collect information about your payment habits from various sources
including banks, savings and loans, credit card companies, and other financial
institutions. These sources are called Automatic Subscribers, who report
information on any individual who does business with them.
Some creditors do not automatically report to credit bureaus. Companies such as insurance
agencies, rental agents, utility companies, and medical facilities, report only when
payments are severely overdue, collection agencies are hired, or legal actions are taken.
Credit bureaus also obtain information from public records such as bankruptcies,
foreclosures, tax liens, and court judgments.
The Top Three Credit Bureaus: Equifax, Experian and Trans Union
These are the top three credit bureaus that provide nationwide coverage of consumer
credit information:
- Equifax: Click here for details
- Experian: Click here for details
- Trans Union: Click here for details
The FICO Credit Score
The FICO credit sore, an important numeric indicator widely used by lenders,
is calculated with your credit history information from different credit
bureaus. Please click here for details.
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