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What are the three major credit bureaus?

The three main consumer credit bureaus are Equifax, Experian and TransUnion. Creditors, such as lenders and debt collection agencies, voluntarily supply the bureaus with consumer account information. Not all creditors report account information to all three bureaus, so your credit reports may not match exactly.

Why do credit bureaus collect credit information?

While credit bureaus collect credit information in order to make it available to certain third parties, the decision to deny or approve someone credit ultimately lies with the lender or creditor. Each lender and creditor may have its own criteria. Where do credit bureaus get their information?

What is a credit bureau?

A credit bureau, also known in the U.S. as a credit reporting agency, is an organization that collects and researches individual credit information and sells it to creditors for a fee, so they can make decisions about extending credit or granting loans.

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