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Credit Bureaus - Who are they and what do they do?

There are three main credit reporting agencies in the United States. Equifax, Trans Union and Experian. Also commonly referred to as a consumer reporting agency these companies operate completely separate from one another. In fact, they are competitors. Each credit bureau collects information regarding your credit and provides it to lenders such as banks, ">credit card companies, mortgage and auto loans lenders, to mention a few. These creditors use this information so they can make informative decisions when issuing credit or granting loan requests. Due to the fact that each bureau is a separate agency, your credit information will most likely vary from each individual bureau.

Each credit bureau only collects and sells your current credit information and credit history. They do not make any decisions when it comes to deciding if you will be approved for your loan, as this is completely up to the individual lender. When considering your loan request, some lenders will pull your credit from only one bureau while others may review your credit from all three. It is very important to make sure that your credit report is correct from all three bureaus. Many consumers have found that their credit reports contained numerous errors and even false information. These errors can decrease your chance of getting a good interest rate and can even prevent you from being approved. Keeping up with your credit can save you a lot of money in interest and fees.

An individual may check their own credit report as often as they like without being penalized. On the other hand, if your credit is checked by a prospective lender or other financial institution an inquiry mark is made on your credit report. Too many inquiries can cause your credit score to drop so it is important to know who is checking your credit and when. Experts recommend that you check your credit reports from each of the major credit bureaus at least once a year to insure it's accuracy and to ensure that no fraudulent transactions are taking place.

Equifax Credit Bureau P.O. Box 740241 Atlanta, GA 30374 1-800-685-1111	Experian Credit Bureau P.O. Box 2002 Allen, TX 75013 1-888-397-3742	Trans Union Credit Bureau P.O. Box 1000 Chester, PA 19022 1-800-888-4213