* Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
See how you compare across all 3-bureau credit reports and see any differences that may have been reported by each bureau.
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Having good credit is important for getting approval on loans, credit cards, and other financial products. Your credit reports and credit scores give lenders an idea of how reliable you are at paying back debt. But what exactly are credit reports and scores, and where do they come from? The answer lies with the three major credit reporting agencies.
Who Are the Three Credit Bureaus?
There are three main companies in the United States that collect financial data on consumers and provide that information to lenders and other authorized parties in the form of credit reports. These companies are known as credit bureaus or consumer reporting agencies (CRAs). The three major credit bureaus are:
- Equifax
- Experian
- TransUnion
These agencies compile information on consumers from various sources including banks credit card companies, collection agencies, and even public records like bankruptcies and foreclosures. By aggregating data from many different places, the credit bureaus are able to build comprehensive credit histories on virtually every adult consumer in the U.S.
What Do the Credit Bureaus Do?
The primary role of Equifax, Experian, and TransUnion is to provide credit reports to lenders and other authorized organizations Credit reports contain information on a consumer’s
- Identity – Name, current and previous addresses, Social Security number, date of birth.
- Credit history – Details on credit accounts like credit cards, retail accounts, and loans. This includes the date opened, credit limit, balance, payment history, and current status.
- Public records – Bankruptcies, foreclosures, tax liens, wage garnishments, and other public records.
- Inquiries – List of everyone who obtained your credit report within the last two years.
Lenders use credit reports to help them quickly and objectively evaluate a consumer’s creditworthiness and risk profile when considering a new credit application. Credit reports are also commonly used by insurers, employers, landlords, and even government agencies.
In addition to selling credit reports, the credit bureaus also calculate credit scores based on the information in a consumer’s credit history. The most commonly used credit scores come from FICO and VantageScore. Credit scores provide a numerical representation of a consumer’s creditworthiness.
How Do the Credit Bureaus Get Your Information?
Every month, lenders and creditors voluntarily submit information to the credit bureaus on each of your credit accounts. This includes banks, credit unions, credit card issuers, auto lenders, mortgage lenders, student loan servicers, and any other company that extends credit.
As you open new credit accounts, use your existing credit, and pay your bills, the details of your financial behaviors are continuously reported to the credit bureaus. Information may also come from public records, collection agencies, and by requesting your own credit reports. This comprehensive data allows the credit bureaus to provide a complete look at your credit history.
How to Get Your Credit Reports
Under federal law, you are entitled to one free copy of your credit report from each of the three major credit bureaus once every 12 months. To obtain your free reports, you need to request them online at AnnualCreditReport.com or call 1-877-322-8228.
It’s important to check all three of your credit reports rather than just one. While much of the information is shared among the bureaus, the details won’t be exactly identical. Checking multiple reports can help you identify any errors or fraudulent activity.
You can also purchase a copy of your credit report directly from the credit bureaus at any time. There may be a fee for additional reports within a 12-month period. Monitoring your credit reports regularly can help you maintain good credit and catch any suspicious activity early.
How to Dispute Errors on Credit Reports
If you find mistakes or outdated information on your credit reports, you have the right to dispute the errors and have them corrected. First, contact the credit bureau directly by phone or in writing. Explain what information is inaccurate and provide supporting documentation.
The credit bureau must investigate within 30 days unless they consider your dispute frivolous. If the item is found to be incorrect or unverifiable, the bureau must remove it from your report. Accurate negative information can remain on your report for up to seven years.
You can also submit disputes to the creditor that supplied the information. They are responsible for correcting and updating your details with the credit bureaus. If disputes are not resolved to your satisfaction, you can file a complaint with the Consumer Financial Protection Bureau.
How Credit Bureau Data Is Used and Protected
The sensitive financial information collected by Equifax, Experian, and TransUnion must be carefully safeguarded and only shared for legitimate purposes under the Fair Credit Reporting Act (FCRA). Access to credit reports is limited to lenders, insurers, employers, and other authorized users.
Consumers also have rights under the FCRA to dispute inaccurate information and to be notified whenever a credit check is performed. Credit bureaus found to violate the FCRA may face fines of up to $3,500 per violation.
While credit bureaus play an important role in the financial system, consumers should monitor their credit reports closely. Checking for errors, suspicious activity, and signs of identity theft is essential for maintaining good credit. Being creditwise and staying on top of your credit history can help open doors to affordable credit and other financial opportunities.
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Get credit for bills like your cell phone, utilities, rent and insurance with Experian Boost®.ø Only your positive payment history is used.
Review and dispute any inaccuracies on your Experian credit report with information for disputing your Equifax and TransUnion credit reports.
Why check all 3 credit reports and FICO® Scores?
Lenders typically provide data to all 3 credit bureaus, but some may only report to 1 or 2.
When you apply for credit, lenders typically wonât check all 3 credit reports.
Each credit bureau has unique data, so your FICO® Score 8 can vary by bureau.
What Are the Three Credit Report Agencies? (What Do They Do?)
FAQ
How do I contact all three credit bureaus?
Which of the three credit bureaus is the best?
Although Experian is the largest credit bureau in the U.S., TransUnion and Equifax are widely considered to be just as accurate and important. When it comes to credit scoring models, however, there is a clear winner: FICO® Score is used in roughly 90% of lending decisions.
Do lenders look at TransUnion or Experian?
Your score can differ depending on which credit reporting company is used, but most mortgage lenders look at scores from all three major credit reporting companies – Equifax, Experian, and TransUnion – and use the middle score for deciding what rate to offer you.
Which credit bureau gives a FICO score?
Compare and review your Experian, Equifax®, and TransUnion® credit reports and FICO Scores. *Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether.
What are the 3 major credit bureaus?
There are three main credit bureaus: Experian, Equifax and TransUnion. Below, CNBC Select reviews common questions about the credit bureaus so you can be more informed when applying for a new card. What does a credit bureau do? A credit bureau is a credit reporting agency that aggregates information about your credit history into a credit report.
How many credit bureaus are there?
Join the millions using CreditWise from Capital One. What are the 3 credit bureaus? Equifax, Experian and TransUnion are the three nationwide credit bureaus. Credit bureaus are also called credit reporting agencies or consumer reporting companies. Regardless of what you call them, they’re companies that compile and sell credit reports.
What is a credit reporting agency?
Credit reporting agencies (also known as credit bureaus or consumer reporting agencies) that collect information relevant to your credit and financial history. There are three credit agencies: TransUnion, Equifax, and Experian.
Who uses credit information from the three major credit bureaus?
Lenders, insurance providers, employers and other companies who use credit information to help predict risk use credit information from the three major credit bureaus. Equifax, TransUnion and Experian are the three main credit bureaus in the U.S.
How many credit agencies are there?
There are three credit agencies: TransUnion, Equifax, and Experian. When you apply for a loan, request an increase on your credit limit or even apply for a new job, your credit report will likely come into play. The three credit agencies collect and house the information that helps potential lenders or employers rate your reliability.
Which credit agencies create a credit report?
Equifax, Experian and TransUnion, Explained All three credit agencies will create a credit report for you — but you may notice some differences across your reports. Here’s why. Some card details on this page may be out of date. Did you know you actually have three credit scores? That’s right.