What is a Credit Bureau? Who Are The 3 Major Credit Reporting Agencies?

Most of us know that there are 3 major credit reporting agencies. But most people don’t know who those agencies are or what information they collect. Here is a brief summary of the subject.

Read more about the 3 Major Credit Reporting Agencies here: http://www.credit.com/credit-reports/credit-reporting-agencies/

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That Is the TransUnion Credit score Bureau?

TransUnion Credit Bureau has been operating in the US since 1968, and is currently the third largest consumer credit reporting agency in the country. This article gives some brief information on their history, and looks at some of the services that they offer businesses and individuals.

Also sometimes referred to as TransUnion LLC, TransUnion are one of the three biggest consumer credit agencies in the United States, with Equifax and Experian completing the trio. All three offer a similar range of services in the field of credit-related information.

The company was created in 1968 by Union Tank Car Company, and was built up from the purchases of a number of major city-based credit bureaus. TransUnion has expanded rapidly over the last 40 years to now operate in 24 countries worldwide, with the headquarters in Chicago, Illinois.

The way in which the TransUnion credit bureau makes their money is by offering a range of credit services to both businesses and individuals. TransUnion have vast credit databases, which store a wide range of credit-related information on almost every adult in the country that has had a credit product sometime in the past.

Every time a customer performs an action on their credit account it gets reported to a credit bureau such as TransUnion. Actions can include making payments, missing payments, closing accounts and opening new accounts.

Businesses that offer lines of credit to customers such as credit card providers – can then pay a fee to TransUnion to access information stored on an individual who has applied for one of their credit products.

The company can then use this information to establish whether or not the customer is a reliable individual who keeps their accounts in order, or a credit risk who may cost them money. The way in which the risk is assessed is usually by credit scoring, a process whereby the customer needs to score a number of points in order to be accepted for the product.

TransUnion credit bureau also deals with consumers directly. Usually this is individuals who pay a monthly or one-off fee to access their own credit report. It is however possible to get a free copy of your own credit report once every 12 months, by telephoning Annual Credit Report on 1-877-322-8228.

It is strongly recommended that all U.S. citizens request this free copy of their credit report, as they can then check in for errors and false information. Incorrect data can then be reported to the TransUnion credit bureau, who will amend it accordingly.

Doing the above means that you can be 100% sure that you are not being turned down for new credit products for the wrong reasons. Even a small error on a credit report (such as an on time payment being recorded as late) can have a hugely negative effect on a credit application.

An even better step is to contact all three of the major credit bureaus in the country (TransUnion, Equifax and Experian) and request a copy of your credit report from each. The credit agencies do not necessarily share information, so it is best to check yourself that their records are correct.

If you find inaccurate information on your report you should dispute transunion right away this is the only way you can repair bad credit on your credit report.

Learn About the Equifax Credit Bureau

There are three major credit reporting bureaus in the United States. Equifax is one of these credit reporting bureaus and TransUnion and Experian are the other two. This article will take a look at what Equifax is, how it began, how it makes money and, most importantly, how it affects your credit score.

Equifax is known for providing consumer financial information in the form of credit reports. These credit reports are obtained by lenders so they may determine if the individual is a good credit risk or a bad credit risk.

Equifax is the oldest of the three major credit reporting agencies in the United States, having been established in 1899. Equifax was originally founded as the Retail Credit Company and grew at a very fast rate. By the 1960s, Equifax was one of the largest credit bureaus in the country.

In 1975, big things were in store for Equifax. It was this year that Retail Credit Company became Equifax. It was also this year that Equifax initiated a computer system to store all its consumer information and expanded its efforts with regard to collecting information on consumers. Because of this expanded effort to collect more information on consumers, the Federal government enacted the Fair Credit Reporting Act (FCRA). Pursuant to the FCRA, consumers have additional rights related to the information which may be collected about them.

With offices in 14 countries and more than 7,000 employees, Equifax calls Atlanta, Georgia home. Additionally, Equifax brings in annual revenues of over $ 1.5 billion.

The sale of consumer credit reports to lenders is Equifax’s main source of income. Credit reports list a person’s financial history and credit worthiness. Identifying information, credit background, and payment history are items which are included on a credit report.

Lenders obtain these credit reports and use them to make a decision as to whether to approve or deny a credit application. People with good credit reports will likely be approved for credit, while those with bad credit reports will most likely be denied.

Another source of income for Equifax is the sale of credit reports to individual consumers. Consumers obtain copies of their credit reports so they may review them and make sure that their financial information is reported accurately. Also, identity theft is an increasing concern and obtaining and then reviewing your credit report should give you an idea as to whether you have become a victim of identity theft. To obtain a copy of your credit report you can contact Equifax or you can call (877) 322-8228. The three major credit reporting agencies are legally required to provide you with one copy of your credit report every twelve months, upon your request.

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